Feature Spotlight: Trust Accounting Payment Templates

Process settlement receipts and payments faster

Nominated by Duncan McDougall, Product Adoption Leader at Actionstep, our latest Feature Spotlight helps you to handle settlement receipts and payments faster.

We asked Duncan 3 questions and here are his responses. We hope you check them out and love payment reason templates as much as Duncan does!

Why I love it

Actionstep’s trust accounting payment reason templates are a fantastic feature for lawyers to process and keep a record of trust receipts. It vastly reduces the time spent entering trust receipts, payments and overall trust transactions as you do not have to manually type the “reason for payment.” Plus, the payment templates can be used across a variety of different transactions, from transfers to interest receipts.

What it does

The payment reason templates are a way of recording reasons that are commonly used when processing trust accounting transactions for example you could create a payment reason template that states 'in anticipation of settlement', which could be used for a conveyancing matter.

When specifying the reason for a payment or receipt, you can simply select one of these templates and the field will be filled out automatically. Plus, you can even create a new template from the dropdown menu.

See a sample image below:

Read more about payment reason templates >>

How it makes a difference to law firms

The payment reason templates are highly beneficial and time-saving for law firms as you rarely have to enter the “reason for payment” meaning settlement receipts and payments can be handled faster, leading to more accurate trust transactions, increased productivity and less administrative work.

Read more: https://intercom.help/actionstep/en/articles/4639020-trust-receipts

Nominate a Feature Spotlight

We are always delighted and occasionally surprised by what our customers really love the most about our system. Different firms use Actionstep in different ways. Identifying Features to spotlight is one of the ways we can share knowledge and business insights with our community of lawyers across the globe.

If you would like to nominate a Feature Spotlight, please email our Communications Team with your idea. We have spot prizes for the most impactful or unusual suggestions!

Written by Actionstep Product Team