Handling Third-Party Payment Errors in Your Trust Account
Overview: This will give you step by step instructions on how to correct a 3rd party payment error in your trust account in TrustBooks.
Steps:
- Enable matters to go into the negative: From the Navigation Pane select Manage Firm Settings under the MISCELLANEOUS drop-down. Then select Manage Optional Features.
- This will open up the Manage Optional Features Page. Select Enable next to the item Allow Matter balances to go into the negative. Select Save and Close.
- Create a Client called Bank Error: From the Navigation Pane select CLIENTS & MATTERS and then Create Client. Name it Bank Error and select Save.
- Post the Bank Error from the 3rd party to the Client Bank Error that you just created with the correct total and date. You can do this by selecting Withdrawals and Process Withdrawals on the Navigation Pane.
- Make a Deposit to the Client Bank Error for the amount of money that you deposited to cover the mistake. You can do this by selecting Deposits and Enter Deposits on the Navigation Pane.
- Disable the feature Allow Matter balances to go into the negative. You can do this by selecting MISCELLANEOUS on the Navigation Pane. Select Manage Firm and then Manage Optional Features. Select Disable and Save and Close.
