- Help Centre
- Trust Accounting
- Protected Trust
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Trust Accounting
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- Trust Accounting Chart of Accounts
- Trust Reporting
- Deposit Adjustments and Withdrawals
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- Trust Reconciliation Example Scenarios
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- Protected Trust
- Automatic Bank Feeds
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How Does Protected Trust Work?
Protected Trust is an option in our Solicitor Expert pricing option.
Protected Trust allows you to 'protect' funds so that they are not able to be used for anything other than already allocated (or known to be coming) invoices/disbursements. For example, if you have a client that has $10,000 in trust, your fees have presented in your cost agreement as $5,000, however you have a Barrister invoice for $6,000. In this instance, had you protected the $5,000 for your fees, then SILQ would not allow you to withdraw the $6,000 for the Barrister. You would need to request an additional $1,000 from the client. We find this assists the law firm in ensuring there is always enough money in Trust to cover known expenses.
Creating a Protected Trust amount can be done in 2 ways:
1. From the Matters window, click on Matter Details
2. From the left hand side, click on Protected Trust
3. In this window, you fill find 3 buttons to either add, edit or remove a Protected Trust.
4. Click on New Protected Trust
5.