How to Make a Statutory Deposit
Under the legal profession regulations in your jurisdiction, you may be required to have a statutory deposit account at an authorised deposit-taking institution to deposit money with the Law Society/Legal Practice Board. This article covers how to record the making of a deposit in to a Statutory Account from your Trust Account.
1. Open the Statutory Deposit Matter
Open the Statutory Account matter that you previously created. If you have not yet set up your Statutory Deposit Account in Migration Manager, please see: How to set up your Statutory Deposit Account
2. Go to the Client/Trust Account Tab
When the matter opens, go to the Accounts tab and then go to the Client Funds tab.
3. Open the New Payment window.
Click the New CF Payment button.
The New Client Payment window will open
4. Confirm the Account being paid from
From the Bank Account dropdown, select the Trust Account that the Statutory Deposit will be made from.
5. Enter details of the Law Society / Legal Practice Board
In the Pay To dropdown, select the Law Society / Legal Practice Board the deposit is being made to. If you have not previously set up the Law Society as a supplier, see: How to create a Supplier
6. Choose the Payment Type
From the Payment Type dropdown, select the method by which payment of the Statutory Deposit is being made.
Note: Once you have chosen payment type, you will be prompted to enter the Payment Type details.
7. Record the Matter ID
Click on the Matter ID column and it should auto populate with the matter ID of the Statutory Deposit Account
8. Select the Payment Code
From the dropdown, select the Statutory Deposit Account Payment code that you previously set up. If you have not previously created a code see: How to set up your Statutory Deposit Account
9. Record the Amount
Next record the amount of the deposit being made in to the Statutory Deposit Account in the Amount column.