Legal Trust Account Management
Reconcile, track, and report legal trust accounting. PageLightPrime multi-currency law firm software records all trust transactions in compliance to legal regulations across different jurisdictions.
Manage law firm trust accounting
Track trust ledgers on client and matter level. Generate trial balance for trust accounts separate from office accounts required for trust accounting compliance. View all transactions against matter which are labelled as required by law firm regulations.
Trust accounting analytics
Generate reports on deposits and withdrawals, customized to different jurisdictions on client, matter, and practice area level. Store the reports in the client folders available in the law firm document management software.
Transparency in trust accounting
Generate invoices and design approval workflow to request fund withdrawals from the trust account. Notify clients by email when money is deducted from their account. Transfer amount to operating account when getting paid for Invoices. Evergreen feature replenishes the account when balance falls below the threshold.
Built in IOLTA Accounting Software – Always current, compliant, current and Audit Ready
PageLightPrime will identify and separate firm’s operating funds from client funds. Some of the IOLTA features available includes
- Journal entries for individual client ledgers
- Manage client funds with error validation and automatic book keeping
- Request and Receive payments for Trust funds online and in office
- Pay client invoices from client trust accounts
- Handle disbursements
- Reconcile with bank statements and regenerate standard reports to Accountants and Clients
Reconcile Trust Account Ledgers with Bank Transactions
Three-way trust account reconciliation. Pull your Bank account feeds automatically or import transactions, to reconcile every day or whenever your business demands – Never fear an audit
Frequently Asked Questions
What is law firm trust accounting software
Law firm accounting software to help comply with governance and regulatory compliance requirements when managing funds on behalf of the clients. It allows attorneys to serve clients without the need to worry about handling client funds inappropriately.
What are the requirements of trust accounting
Law firms must implement processes that must satisfy the compliance requirements.
- Separate different bank accounts for office and trust accounts.
- Workflow to implement approvals for deposits and withdrawals from the client trust account.
- Notify clients when funds are withdrawn from their account.
What is the best legal trust account software
PageLightPrime legal accounting software offers trust accounting and management features that are easy to operate. Integration with the practice management solution makes it easier to deposit funds into trust accounts while labeling all transactions for audit purposes.
Will PageLightPrime satisfy IOLTA requirements
Trust accounts can be created for clients and matter in any currency. Monitor all the deposits, withdrawals and interest accumulated. Report the interest collected as per the bar association requirements.
How PageLightPrime can help law firms to comply to different jurisdictions
Bank account reconciliation will help the finance team to identify any office expenses and check the accuracy of trust ledgers. Trust account trial balance and other reports can be used by the lawyers to conduct internal audits.
Accurately track your Trust Accounts today