2017

Download for FREE

Managing Account Transactions - Retainers, Deposits, or Pre-Payments in the New Clio Experience

Contents

Understanding When to Add Matter Funds and When to Add Client Funds
Recording Funds
     From the Matter
     From the Contact
     From the Account
Editing Transactions
Deleting Transactions

Understanding When to Add Matter Funds and When to Add Client Funds

Trust transactions can be added at either the Client level or the Matter level.

Client Level Funds
Trust funds added to the client's Contact card can be used to pay bills for any of that client's Matters.

Matter Level Funds
Trust funds added to a particular Matter can only be used to pay bills for that specific Matter.

Recording Funds

From the Matter Transactions Tab

Adding funds from the Matter level will make them available to be applied only to the specific Matter's invoices.

    1. Go to the desired Matter
    2. Click on Transactions
    3. Choose the appropriate Ledger from the drop-down
    4. Click New Transaction

      Screen_Shot_2017-11-09_at_9.35.54_AM.png

    5. Enter in the details of the transaction in the Record Transaction tab:
      1. Amount: Enter the amount received
      2. Date: When you received the funds
      3. Account: The ledger account to apply the funds to
      4. Source/Recipient: (optional) Who you received the funds from (source) or who are you giving them to (recipient)
      5. Currency: (optional) When receiving funds other than your current default currency (ie: euros, pesos, pounds, etc.)
      6. Exchange rate: (optional) Goes with Currency, enter the exchange rate
      7. Type*: (optional) How the funds were received or how you are sending the funds (ie: check, credit card, cash, money order, Paypal, etc.)
      8. Cheque or Reference: (optional) Helpful to track when consolidating with your bank statements
      9. Description*: (optional) The reason you received the funds. You can be as brief or detailed as you like

        As you are in the Matter, the Client name and Matter number will already be linked to the transaction.

        * Type and Description data will display on invoices where you are showing Client Account Details. For details, see the "Customize your Bills" article.

        Screen_Shot_2017-11-09_at_9.43.46_AM.png

    6. Click Record transaction

      Screen_Shot_2017-11-09_at_9.55.54_AM.png

Once the transaction has been successfully applied it will update the Client or Matter ledger appropriately and the funds will become available as a source of funds from which invoice payments can be received.

According to most Trust Accounting rules, funds which have not been "earned" by way of work having been completed on behalf of the client or otherwise, must be held in the Trust Account and transferred into an Operating Account only once an invoice has been issued.

From the Contact Transactions Tab

Adding funds specifically to the Contact level makes them available to be applied across any of your Matters' invoices. Inside your Contact card, you will see a Transactions sub-tab as you would see within a Matter.

Screen_Shot_2017-11-12_at_11.58.13_AM.png

Adding funds to the Contact level follows the same steps as for the Matter. However, if when logging the Transaction from the Contact level and you wish the item to be Matter Specific, simply list a Matter number in the Matter field of the New Transaction window.

Screen_Shot_2017-11-12_at_12.02.17_PM.png

Adding Funds from Accounts View

You can also add funds from the Accounts screen. To do so:

  1. Go to Accounts and then click into the appropriate ledger
  2. Click New Transaction

    Screen_Shot_2017-11-12_at_12.03.43_PM.png

  3. Add the Transaction as described above for the Matter view and take care to ensure you link the appropriate Client and Matter. If you enter the Client first and then click on the Matter field you will get appropriate Matters to choose from.

    client_matter_blank.png

Editing Transactions

Click the Edit button under the Actions column beside the appropriate Transaction within an Account. This will reveal the Edit Transaction form where you can modify and apply any necessary changes:

Screen_Shot_2017-11-12_at_12.07.11_PM.png

!

*Important Notes

It is best practice to not edit transactions after those funds have been applied to a bill in payment. If you must edit a deposit transaction after a payment has been taken from those funds, we suggest deleting the associated payment first then edit the deposit before re-applying the payment. 

Transactions that have been created to reflect payments made on Trust Requests cannot be edited or deleted. 


Deleting Transactions

Click the down arrow beside Edit in the Actions column beside the appropriate Transaction. This will reveal a dropdown menu. Click Delete

Screen_Shot_2017-11-12_at_12.08.55_PM.png

When deleting an item you will be asked to confirm or reject the action by respectively clicking Delete or Cancel in the dialogue box that appears.

Screen_Shot_2017-11-12_at_12.12.04_PM.png