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Legal and Trust Accounting Management

Legal trust accounting does not need not be frightening. OneDocx provides you the assurance that every trust transaction is documented across ledgers in a compliant way in accordance with industry standards, thus giving you peace of mind.

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Manage your trust accounting in accordance with industry rules

Manage client funds in trust accounts with our legal accounting software. Keep detailed records that separate client funds from your firm’s operating funds.

Keep it simple and reconcile directly in OneDocx

With several reconciliation options, choose to manage your firm’s trust accounting from the same place you already bill and collect—right in OneDocx. Simply match trust transactions to your bank account statement directly from the Accounts tab.

Generate and store reports required for trust accounting compliance

Create client statements of account and view all accounts and transactions connected to a client by running built-in legal trust account reports. Or, when you reconcile directly in OneDocx, you may store up to 10 years’ worth of reconciliation reports.

Set up separate ledgers for trust and operating accounts

Track trust and operational accounts using OneDocx’s trust accounting software in accordance with the standards set by authorities for the legal sector. Look for all transactions involving a topic or customer, regardless of whether they were made on a trust or an operational account.

 

Create invoices that comply with regulations

Clearly present line items on your legal invoices that detail funds removed from a trust account along with remaining trust balances.

 

Handle your trust accounting with confidence

Apply and document the transfer of trust funds knowing all transactions are properly logged across your ledgers.

Make generating requests and accepting deposits easy

Send trust requests over email or the mobile-friendly client portal and give clients the flexibility to deposit funds into their trust account online—and in accordance with legal industry rules.

Stay on top of your trust account balances

OneDocx’s trust accounting software allows users to setup alerts for case available trust funds that decrease below certain levels by using evergreen management to keep track of retainers.

Comfortably move funds in and out of trust

Create automated logs of transactions as you issue trust disbursements, apply trust funds to invoices, and transfer trust funds to operating accounts.

 

Discount and write off bills

Apply percentage or fixed amount discounts to an entire bill, apply credit notes, or convert time entries to no-charge. Quickly write off full or partial bill amounts when needed.

 

Manages and reports on all financial data of the corporation

We are not just simple accounting software.

Keep tabs on your firm’s financial health

Stay on top of your law firm’s work in progress, billing history, invoice payments, aging receivables, and more.

Calculate attorney compensation

Summarize collected amounts by originating attorney to visualize and quantify how much income each lawyer at your firm has brought in.

Connect your favorite business accounting tools

Integrate with Microsoft SharePoint for full accounting capabilities. Avoid duplicate data entry between platforms and simplify reconciliations.

 

Customer testimonials

Hear what other law firms have to say about OneDocx legal accounting software.

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– Cao Yu

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– Ivan Magalhães

Frequently Asked Questions

What is trust accounting software?

Trust accounting software helps law firms comply with rules that many legal jurisdictions have in place regarding the accounting of funds held in trust on behalf of a legal client.

What are the basics of trust accounting compliance?

The fundamental aspects of a lawyer’s duty when it comes to handling client funds include:

  • Identification: Depositing funds into an account specifically labelled as a trust account.
  • Segregation: Keeping client funds on deposit separate from a lawyer’s operating or personal funds.
  • Accounting: Lawyers must create and maintain appropriate records of funds belonging to their clients.

These are some of the basics of trust accounting compliance, but some U.S states also have additional rules if you’re handling client funds. 

Will trust accounting software help me meet IOLTA requirements?

Yes. You can create an account in your trust accounting software specifically for IOLTA transactions. You can then monitor all payments, interest, and disbursements through that fund.

How do I keep my trust accounts full of funds?

Our trust accounting software feature sends you a notification when trust accounts reachs a minimum dollar amount. You can also create a credit card payment plan that will automatically charge a client on a monthly or weekly basis, and deposit the specified amount into their trust account.

Does OneDocx have the specific report required for trust accounting compliance in my jurisdiction?

With the aid of our trust accounting software, you may reconcile either directly in OneDocx or by using built-in reports that help you in general trust accounting standards as well as many reports tailored for particular jurisdictions. Additionally, you may export transactions to Excel.

Manage your firm, affairs and clients from the cloud effortlessly