Time59 provides Trust Accounting functionality that is easy to use.
Time59 Trust Accounting keeps track of your trust account by client and by overall account activity.
The following sections of this help topic will explain how to use Trust Accounting in Time59.
When you receive a trust deposit from a client click on the Payment Entry button on the Invoicing and Accounts Receivable tab.
After you select a client and click next, select "Trust Deposit" as Payment Type. Just follow the prompts until you successfully complete the deposit.
Your new deposit will now be reflected in the trust account reports available on the Invoicing and Accounts Receivable tab.
As invoices occur for a client you will want to pay them out of the client's trust balance. There are two ways to do this:
1) As you are creating an invoice for a client, Time59 will check to see if there are trust funds available. If there are, Time59 will allow you to apply them to the invoice as you create it. The amount paid out of trust will be displayed on the invoice along with any remaining trust balance for the client.
2) The second method is by clicking on the Payment Entry button on the Invoicing and Accounts Receivable tab. After you select a client and click next, select "Apply Trust Funds To Invoice" as Payment Type. You will now be able to apply trust funds to any open invoices for the client.
All payment application activity will automatically be reflected in the trust accounting reports.
You may also disburse funds from your trust account without applying the funds directly to an invoice. To do this click on the Payment Entry button on the Invoicing and Accounts Receivable tab. After you select the client and click next, select "Trust Disbursement" as Payment Type.
The disbursement will automatically be reflected in the trust accounting reports.
If you need to refund a trust amount to a client, click on the Refund Or Modify A Payment button on the Invoicing and Accounts Receivable tab. After you select a client and click next, select a trust deposit to refund from and click next. Select "Refund Payment Amount" as Action to perform and click next. Follow the prompts until the refund has been recorded.
All refund activity will automatically be reflected in the trust accounting reports.
In order to keep your Time59 trust account records in balance with your actual trust bank account you will need to enter any accrued interest into Time59.
The simplest way to handle this is to set up a client with a name such as "Trust Management". You can enter all interest and bank charges against this "client".
To enter interest, enter the amount as a trust deposit. In the reference field you can specify that the deposit is interest.
You may contact us using the Feedback form or at support@time59.com.