Paul W. Carlson, CPA (00:00):
All right. Now, we get to look at the second step of making a trust account deposit. So, the prior video, we talked about making a single payment receipt. In this video, we're going to talk through the process of assigning a payment receipt to a deposit. So, in the next example, we have two receipts that need to be added together to a single deposit to match what we see at the bank. Let's actually jump over to Soluno and walk through a couple of examples, and it'll make more sense.
(00:33):
To get into trust account deposit slips, we go Bank, Deposit Slips. We select our trust account. And this is where Soluno and these types of applications just sneak attack you, that you'll do everything right, you'll hit Go, and nothing will come up. And you're like, "Well, what happened? The system broke." But then you have to remember you have to pick the right trust account or the right operating account.
(00:58):
So, all of our receipts are in trust account one. The deposit date this is the date the money is taken to the bank. This will be the same date of the deposit that appears on the firm bank statement. So, there should be a one-to-one mirror there. Days to Retrieve, this is saying grab all the repayment receipts that were 30 days before November 12 and we hit our Go button. And here we have the $100,000 receipt we saw in the prior video. Then, I added another receipt so we could have something to work with.
(01:32):
So, if these two checks were deposited to the bank as a single deposit for $105,000, we would select both these items and click Finalize. To reiterate, what this is saying is we went to the bank. We filled out a deposit slip. We listed both items on the same deposit. We have a deposit slip that says $105,000 total deposit. And if we open up the bank statement or we open up the bank account online, it's going to list a deposit for $105,000. This number must mirror the bank statement perfectly, or we're going to redo it. So let's walk through a couple of... And so if that's what happened, we'd hit Finalize, and we're all done.
(02:23):
Let's walk through a different scenario. We don't like the whole aggregating thing because the managing partner wants to see each item separately on the bank statement. So, there, we would click that we know that this deposit appears on the bank statement for a separate deposit for $5,000. Just click the one item, hit Finalize. And then, if the $100,000 appears as a second independent deposit, we would go ahead and select this transaction and hit Finalize. This process confuses a lot of folks. And so a lot of times what we will do is we will work with the firm office manager and have them post the individual receipts, which was step one. Then when we do our accounting updates and our monthly closes, we will go ahead and do the aggregate deposits. So, whichever works with your firm, just let us know.
(03:19):
And with that, we've walked to the second step of adding money into the trust accounts. So now the next videos are going to be about getting money out of trust.
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