Add a new Trust Bank Account

Modified on Mon, 12 Feb at 11:03 PM

This article outlines the steps that are required to set up a new Trust Bank Account within LawMaster.

NOTE: If you are transferring funds from one trust account to another, you should have authority from your clients.

Step-by-step guide

Summary Steps

Add new Bank Accounts non-accounting parameter(s);
Create new general ledger accounts as per the Bank Details - accounting parameter.
Add a new Law Society Matter for the Statutory Law Society Deposits.
Allocate General Ledger accounts to Bank Details – Accounting parameter(s); This step assumes you have already setup the necessary General Ledger accounts.
Create new forms for new bank accounts e.g. receipt and cheque (if using pre-printed stationery). Your precedent, people should be able to assist you with the creation of new forms.
Allocate new forms to the Forms for Receipts and Cheque parameter.

1. Add new Bank Accounts non-accounting parameter(s);

Go to Parameters > Set Parameters > Accounting > Bank Accounts – Non-accounting.
From the context menu Right click and Add.

Bank No.	This is the bank account number. It must comment with the first character of your new Company and then the second number is the bank number e.g. Bank 22
Bank Name	This is the Bank Account Name

2. You will need to create the following general ledger accounts on your Chart of Accounts under Company 2;

Take note of the general ledger account numbers as these need to be added to the Bank Account Details - Accounting parameter.

Name of General Ledger	Usage
Investment Journals	This is where the interest received on your Investments will be allocated to.
Law Society	This is where your law society deposit amount will be allocated against.
Investments	Investments Control Account
Receipts	Receipts Control Account
Payments	Payments Control Account
Bank	Bank Account for New Bank
Receipt Accrual	Accrual Account
Creditor	Creditors Account

3. Create a new matter for your Law Society Deposit to be allocated against where the trust bank will be e.g. 22;

Take note of the matter number as this will need to be added to the Bank Account Details - accounting parameter.

4. Allocate General Ledger accounts to Bank Details – Accounting parameter(s);

Go to Parameters > Set Parameters > Accounting > Bank Details – Accounting.
Select the bank number from the lookup list that you added above eg) 22

Bank	Select the relevant code from the look up list e.g. 22
Name	This is the name of the account and should be populated as per the Bank Accounts – nonaccounting parameter
Type	Select Trust.
Prompt for EFT Requisition	For trust accounts you can prompt automatically for the EFT requisition form to merge.
Bank Details
Account No.	Include BSB and Account No. for your bank account.
Law Society Matter	You need to add the Law Society Matter for where the deposits are allocated.
Last CHQ No.	Last cheque number. I.e. if you are starting your cheque numbers at 1, then leave this as zero. If you are starting at 200, then this would be 199.
Last Receipt No.	Last receipt number field; i.e. if you are starting your receipts numbers at 1, then leave this as zero. If you are starting at 500 then this would be 499.
Lest EFT No.	Same as cheque number field. This is the EFT payment no. that appends to the LawMaster prefix of 19900xxxxx
Bank Statement	This is your opening bank statement balance, generally would be zero.
Overdraft Limit	If your bank has an overdraft attached to it, then enter the amount as a negative
Bank Code	e.g. NAB
Payment Authority No.	This is the APCA id issued to you by the bank for uploading files to the bank
General Bank No.	If a trust bank, then this is the general bank number that the trust transfers would be allocated against.
Bank File Format	Select APCA for Australia
General Ledger Account Details	These are the general ledger accounts that are allocated for this bank account created at step 2.

5. Create new forms for new bank accounts e.g. receipt and cheque (if using pre-printed stationery);

Your precedent people should be able to assist you with the creation of new forms.
The forms are created using the Forms Workbench and all forms are access from Main Menu > System Maintenance > Forms > Forms Workbench.

6. Allocate new forms to the Forms for Receipts and Cheque parameter;

This parameter allows you to map your cheque and receipt forms to the relevant bank:
Go to Parameters > Set Parameters > WP, Mail, Help & Printing > Forms for Receipts and Cheques
For each bank account, you will need to create a new parameter for:
1. Cheque – Bulk (CQBxx)
2. Cheque – Single (CQSxx)
3. Receipt (CRxx)
From the context menu > right click > add.

Code	The code as mentioned above for either cheque or receipt e.g. CQB22 for a bulk cheque for bank 22.
Word Printer Name	Leave blank and this will use your default printer. Otherwise you will need to enter the printer name as it is shown in Word.
Form Name	The form name you have created e.g. cheque may equal CHQ or receipt could be RECN
CHQ/Line	Number of characters per line for the narrative column.
Maximum Lines	Maximum number of lines to print the voucher information
MICR Font Name	This is used for MICR printing only.

Refer to the existing Forms for Receipts and Cheque parameters to assist you with the setup.

Allocation of Matters

Once you have completed the above steps, you can then start allocating matters to your new trust bank. Note there can only be one trust bank used on a matter at any one time. If you are wanting to use both your current trust bank and the new trust bank then a sub-matter will need to be created for this purpose.

For your existing matters that are currently using your old trust bank you will be able to transfer the funds from your old trust bank to the new trust bank (once you have sought authority from your clients). Where you want to do this in bulk, you can use the Transfer Trust Bank module.