A trust receipt records client money received into the trust account on a matter. The video below shows the full process; the summary underneath covers the same steps.
What is a trust receipt?
A trust receipt records money received into the trust account and held on behalf of a client — for example, funds paid in advance on a matter. Because the money belongs to the client, trust receipts are governed by trust-accounting rules and are recorded against the matter’s trust ledger.
How to record a trust receipt
Recording a trust receipt follows these stages. Watch the video above for the exact screens; the steps below are the summary.
- Open the trust account on the relevant matter, or the trust receipt screen.
- Enter the receipt details — who paid, the amount, the date received and the payment method.
- Check the details against the funds received.
- Authorise the receipt so it is finalised and recorded against the trust ledger.
Common questions
What is the difference between a trust receipt and a general receipt?
A trust receipt records client money received into the trust account, held on the client’s behalf under trust rules. A general receipt records money into the firm’s general (office) account, such as payment of an invoice. The money goes to different accounts and is governed by different rules.
Do trust receipts need to be authorised?
Yes. A trust receipt is recorded and then authorised, which finalises it and records it against the trust ledger as part of a compliant trust record.
What details do I need to record a trust receipt?
You record who paid the money, the amount, the date it was received and how it was paid, against the correct matter. The video shows where each detail goes.
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