Trust Accounting Overview

It looks like you’ve shared the Trust Accounting overview for Smokeball, which includes detailed instructions on how to manage trust accounts, record transactions, and perform reconciliations within the system. Here’s a brief summary of the main steps involved:

1. Setting Up Trust Accounts:
   • Ensure trust account details are correct in Smokeball.
   • Customize your trust account name, bank details, and payment accounts.
2. Recording Trust Transactions:
   • Trust transactions are recorded within individual matters.
   • Actions include deposits, trust payments, transferring funds, and handling credit card deposits.
3. Making Trust Payments:
   • You can pay from a client’s trust account, and make journal transfers if funds need to move between matters.
4. Reversals and Deletions:
   • If there’s an error in a transaction, you can reverse or delete it, but this will impact reconciliation.
5. Bank Reconciliation:
   • Reconcile your trust accounts on a regular basis (weekly, monthly, or quarterly).
   • Compare the list of transactions in Smokeball with your bank statement and make necessary adjustments.
6. Other Features:
   • Lock funds to prevent disbursement.
   • View and print account statements.
   • Record payments to invoices and transfer funds to the operating account.