Objective:
- learn the difference between Operating and Trust accounts
- understand different types of Clio bank accounts
- Operating vs Trust
Environment:
- Clio Manage
Additional Information:
n/a
Answer:
Operating Accounts are firm fund accounts that can receive Bill Payments. Bill Payments include matter, payroll, office expenses, etc.
Whereas, a Trust Account is where the attorney holds the client's trust funds on behalf of the client for the use of paying Bills. These funds are not owned by the attorney or the law firm.