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Manual Trust Disbursements in Soluno

Manual Trust Disbursements in Soluno
Manual Trust Disbursements in Soluno
Written by
Paul W Carlson, CPA
Published on
Dec 13, 2023

Paul W. Carlson, CPA (00:00):

Our prior videos talked about making deposits into trust accounts. These videos are going to talk about making withdrawals or payments from trust accounts. So let's jump into a couple example transactions.


So let's go to plus and then trust out, and here is where we enter trust account withdrawals. So this video is going to focus on trust payments that are not batch check prints. So higher volume firms will enter a dozen trust payments, put those into a queue to print, and then go to another screen and click a couple buttons and all 12 checks will print out. This video is going to talk about posting checks that were written manually, EFT payments, or wire payments. So any type of payments where we're not going to print a big batch of checks.


So first we select our trust account. Date is the date to the payment. So we're going to have a $40,000 EFT on our Smith matter. So check number on EFTs is always kind of odd. If you have a transaction number from the bank, go ahead and post that here. The trick for this to show up like this is this setting has the speed release, never print. So we're telling Soluno that we want the check to post right away and we're never going to print it, because these are manual transactions.


So the contact is the matter name. So the client name, and so here we get to pick the matter related to the payment. We're going to click over here to the explanation. So in the light text we can see that Soluno is telling us that we have a hundred thousand dollars balance in trust. We're going to write a check for $40,000 and the explanation is going to be a description of the payment. So here we typed out that it's contingency fee proceeds. We collected a hundred thousand dollars times the firm's 40% contingency fee rate. The more detail you have here is going to be serve you better in the future for audits and just understanding what happened. With that, that is how we post an EFT payment, that we would post this and the managing partner would make the transfer from ILTA to operating.


So let's do save. So that same matter, so we have, it was a hundred thousand dollars settlement, we have $60,000 we owe to the client. This is actually going to be a check. We need to change this setting to release never print. We've already written a manual check and that check number is 85698. This is going to Adam Smith on his Smith V State matter. Tab out and we can see that it tells us that the client has $60,000 left in trust. Here we can do client portion of proceeds. If you want to type some math in there, that'd be a great idea to have a quick reference, and we will hit save.


It's just saying it's going to auto number the next check. Sure, we'll just go ahead and do that. With that, this example of how to post manual transactions into Soluno. I guess the one thing I didn't show is if you had a wire that we would pick. So we would pick other and type in a description that it's a wire. With that, we've walked through how to do manual disbursements from trust. Thanks.