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In ContactsLaw, the trust receipt aggregation activity is used to process trust receipt transactions in bulk, for the purpose of recording bank deposits or reconciling credit card transactions against a merchant summary slip.
 
This type of transaction aggregation is compatible with receipts with the following payment methods:
  • Cheque
  • Bank cheque
  • Cash
  • Credit card / EFTPOS
Authorised, unprocessed transactions of this type will appear in the grid. The receipts to include in the deposit/merchant summary are selecting using checkboxes and a banking date is added. The transaction date for all included receipts is updated to reflect the banking date. For cheques and credit card receipts, clearance information is displayed (with the ability to override the default clearance period). You will not be able to draw upon funds until after the clearance period has elapsed.
 
A bank deposit slip can be printed from this type of aggregation, which summarises the cheques/cash and simplifies the process of depositing the funds in-person (at a bank branch).
 
You can view a list of all trust bank deposits under the 'Audit tools' section of the Trust tab on The Practice.
 
Credit card merchant summaries may not be applicable in all environments. Consult your bank or merchant provider to determine how best to account for funds received by credit card.

Clearance

For each cheque, bank cheque or credit card receipt, you must specify the number of calendar days required for clearance. Depending on the type of cheque you select (local/interstate/overseas), ContactsLaw will populate this field by taking the normal number of business days (configured at the practice level) and add on an additional number of days to cover any weekends/public holidays that may fall within the period. Changing the banking date will cause these figures to be recalculated.

Workflow

This activity supports a 2-step workflow:

  1. The first step (draft/request) groups the transactions, adds the clearance information and prevents them from being included in any subsequent deposits.
  2. The second step (finalise/process) marks the transactions as processed, allowing the funds to be drawn upon (subject to clearance).

You may choose to implement only the second step; it simply allows the deposit to be verified with the bank so that funds are not drawn upon before the bank has acknowledged receiving them.

See also