ContactsLaw generates trust statements in compliance with Legal Profession Regulations.
Statements can be printed manually (on per-file basis), in bulk (using the trust statement wizard) or automatically (when finalising a bill). Each time a trust statement is generated for a particular file, ContactsLaw records the date, time and member responsible. The date of the most recent trust statement can be displayed on the trust trial balance. Automatic trust statement printing occurs when there is trust activity within the period and this has not been included on any previously-issued trust statement.
Trust statements are limited to a particular trust bank account; in cases where a client/file has activity on multiple bank or controlled money accounts, a statement must be generated for each account.
A trust statement includes:
The period in which the trust activity occurred
Details of the trust bank account (or controlled money account)
The name and mailing address of the client
A list of any changes to the title* of the trust ledger occurring within the period
Opening balance
Particulars for all transactions occurring within the period
Closing balance
Details of any specific powers relating to funds received within the period
* The Legal Profession Regulations define a trust ledger 'title' as consisting of the client's name, address, file number and matter description.
Transactions and particulars displayed on the trust statement may differ slightly from how they are displayed on other trust ledgers; this is due to regulatory compliance. In particular:
The date displayed for transactions differs according to the type of transaction:
For receipts, the date of issue
For payments, trust transfers, bank cheques and transfers to another account, the processed date
For transfers from another account, the date the transfer was authorised
For journals, the effective date
Specific transaction types are generalised into the following categories:
The 'number' column contains the appropriate identifier for the given transaction type:
For journals, the journal entry number
For receipts, the receipt number
For payments by cheque, the cheque number
For payments by EFT (including bank cheques and trust transfers), the bank reference number
Members should inspect trust statements generated by ContactsLaw to ensure that all information has been entered correctly and is presented in compliance with the regulations.