The Clio Way For Trust Account Management
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1 The Clio Way For Trust Account Management
2 The Clio Way For Trust Account Management Many states have rules in place regarding how attorneys need to maintain lawyers trust accounts. These rules vary from state to state but the common underlying theme is that as a lawyer, it s your job to act as a fiduciary of client funds. Most states have adopted Rules of Professional Conduct to help guide you in maintaining and keeping records related to client trust accounts, so check your state s rules. Let s take a look at how Clio can help you handle your trust account transactions and help you abide by any state-imposed rules. The fundamental aspects of a lawyer s duty related to handling client funds include: Identification: depositing funds into an account specifically labeled as a trust account Segregation: keeping client funds on deposit separate from a lawyer s own funds Accounting: lawyers must create and maintain appropriate records of funds belonging to their clients clio.com page 2
3 In addition to these fundamental duties, some states impose specific additional duties if you are handling client funds. Here are a few examples: Duty to identify and label funds: deposit into a clearly identified trust account Duty to notify the client upon receipt and deposit of funds Duty to maintain a separate ledger sheet for each client who has funds on deposit in a trust account Duty to produce a full accounting report for client funds that includes: the amount of funds received and deposited, the amount of funds you ve paid or distributed out of your client s trust account, and the amount of funds still held in trust One of the advantages of using legal-specific software such as Clio is that the software is built to provide trust accounting functions that are easy to manage and maintain. Clio has a number of features that help you meet these duties and easily manage your clients trust funds. Let s review some of these trust accounting features in Clio. clio.com page 3
4 ????? Clio Bank Accounts Duty to identify and label funds In Clio, you will set up at least two bank accounts: one for your client trust funds and one for your general operating funds (revenue earned). The trust account is a total of all of your client funds on deposit. clio.com page 4
5 In Clio, you will record deposits into trust via the matter s Transaction tab. You ll transfer money out of trust and into your operating account when you apply funds while entering a payment. Record deposit into client trust account Apply payments from trust account to invoice, moving money into firm operating account clio.com page 5
6 Individual Client and Matter Trust Accounts Duty to maintain a separate ledger and notify client For each client who has funds on deposit in a trust account, Clio keeps a running ledger of all deposits and withdrawals (payments and/or refunds). Clio s ledger report serves as a tool to notify your client upon receipt and deposit of funds. To fully account for funds, you must provide four pieces of information, all of which are included in Clio s Client/Matter Ledger report: Amount of funds received and deposited List amounts of funds paid or distributed out of the trust account List any additional deposits to the client s trust account Show balance of funds still held in the trust account Clio s client/matter ledger: Transactions view report clio.com page 6
7 Individual Client Trust Ledger Reports Duty to provide full accounting of funds This Clio report shows all the trust account activity for a client and includes multiple client matters. You can use it to fulfill your duty to notify clients of deposits and withdrawals made from a client s trust account. Clio creates an audit trail of all transactions related to the client funds in trust. clio.com page 7
8 Client Trust Funds Maintained at the Client and Matter Level Duty to notify, keep accounting records and segregate funds at the matter level A feature you may not ever need but nice to know Clio can handle it is the ability to segregate client trust funds by matter. So if you have a client with multiple matters and each matter has a retainer on deposit, Clio takes care of this accounting for you. matter one matter two matter three matter four Clio has the ability to send all report data to an Excel spreadsheet. So if you want to format the data differently, you have this ability. clio.com page 8
9 invoice invoice TOTAL TOTAL Invoices Include Accounting Record Of Trust Funds Duty to notify client A favorite Clio feature for any lawyer concerned with following trust accounting rules. You can design your invoice template to include trust account transactions and show amount remaining in client s trust account. In some states, you must provide this information at time of billing and applying funds. This is how Clio helps you notify clients and provide accounting detail to keep you in compliance with ethical trust accounting rules. clio.com page 9
10 Extra Tips Use Clio to assist with your monthly three-way trust account reconciliation As part of your duty to keep accounting records, you must reconcile your trust bank account regularly. Some states impose the duty to conduct a three-way reconciliation. What s a three-way reconciliation? It means that your Clio trust bank balance matches your checkbook (register) trust balance and that they both match the sum of all individual client ledger balances. Most accountants don t understand three-way reconciliations, but unlike accountants, you have fiduciary responsibilities and this is one of the few responsibilities you can t delegate. Below is a simple spreadsheet you can use for a three-way reconciliation. Using Clio: Clio has all the reports and data you need to complete your three-way reconciliation: Trust Listing report showing all individual client balances and the total amount in your Clio trust account Trust Ledger report showing the detail of client funds on deposit Use your trust bank account statement to complete the three-way reconciliation Sample spreadsheet clio.com page 10
11 Trust listing report - client or matter level detail Trust ledger totals - no detail just client totals in trust With Clio, trust accounting is simple. Give it a try today! clio.com page 11
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