Trust Accounting

SBOS.AI includes trust accounting features for managing client trust funds in compliance with legal requirements. Trust funds are monies held on behalf of clients for specific purposes related to their matters.

Overview

Trust accounting in legal practice involves managing two types of money:

• Statutory Trust -- Funds held in compliance with statutory requirements (e.g., settlement funds, court-ordered deposits)
• Controlled Money -- Funds held in controlled money accounts as directed by the client

Trust Transaction Requests

Trust transactions are initiated through a request workflow to ensure proper authorization and record-keeping.

Creating a Trust Transaction Request

1. Open the relevant Matter
2. Navigate to the Trust tab
3. Click Create Trust Transaction Request
4. Fill in the details:
   • Type -- Deposit, withdrawal, or transfer
   • Amount -- The transaction amount
   • Description -- Purpose of the transaction
   • Trust Account -- The target trust account
5. Submit the request for approval

Trust Transactions

Once a trust transaction request is approved, it becomes a recorded trust transaction.

Viewing Transactions

You can view all trust transactions for a matter from the matter's Trust tab.

Pending Requests

Outstanding trust transaction requests can be reviewed and managed.

Trust Account Setup

Trust accounts must be configured by an administrator before they can be used. See System Settings for trust account configuration.

Important

Trust accounting is subject to strict regulatory requirements. Ensure your firm's trust accounting procedures comply with the applicable legal profession regulations in your jurisdiction.