If you ever hold funds on your clients’ behalf, a trust accounting system is essential to maintain financial integrity.

With ActionStep, you can receive funds from clients into a communal trust bank account, but properly track, manage and report on those funds as being distinct from your firm’s revenues.

ActionStep’s Trust Accounting system is fully integrated with the General Ledger and maintains important disciplines:

• It ensures that your trust liability is always covered by deposits.
• These funds can be transacted as directed by the client.
• It tags funds to various client combinations (i.e. a case with John Smith is the sole client will not be able to access funds from cases where John Smith is a joint client).
• Where rules permit, funds can be transferred between cases without affecting the bank reconciliation since ActionStep keeps track of each case’s ‘claim’ to the funds in the trust bank accounts.