Trust money kept the way the rules require
Money held for clients sits in a trust bank account, is recorded for the person it is held for, and leaves only to or for that person, or as fees already billed to them. The ledger enforces this for South Africa, Kenya and Nigeria, and shows the rule behind every refusal.
Who uses it
- Trust account practitioner
- Bookkeeper
- Partner
What it does
- Receipts that name a matter and its client; balances per client per trust account; receipt dates never in the future.
- Requisitions — pay a third party, pay the client, fees against an invoice, transfer to another matter on written authority, investment in or out — checked against the balance less every requisition still waiting.
- Fee transfers only against an issued invoice of the same client, up to its open balance.
- Release by a partner, an administrator or a practitioner who did not ask for it; a second practitioner above your threshold; EFT or cheque to a named payee.
- Client investments on written instruction and the bank’s confirmation; interest split as the jurisdiction says.
- Monthly three-way reconciliation of bank, cash book and trust creditors, signed by a practitioner; out of balance, it cannot be signed and shows the shortfall.
How it works
- Record the trust account.
- Receipt money for a matter.
- Requisition and release.
- Reconcile and sign.
The controls that protect it
- Trust entries are append-only: the database refuses changes and deletes.
- Whoever asks for a payment cannot release it.
What it does not do (yet)
- The bank statement balance and items in transit are entered (no statement import yet).
- Trust receipts and client trust statements export as CSV, not PDF.
- South Africa, Kenya and Nigeria only.
