Sage Timeslips For Dummies

Chapter 5

Managing the Money

In This Chapter

Working with accounts receivable and funds transactions

Setting up multiple funds accounts and bank accounts

Using a bank deposit slip

Reviewing your transactions

Sage Timeslips uses transactions to manage client balances. Accounts receivable transactions track the money clients owe you because you sent a bill. Client funds transactions track the money given to you to hold for your client in advance of work you perform. Attorneys call these types of funds trust funds or escrow funds; other types of businesses call these types of funds retainer funds.

I’ve oversimplified the definition of trust funds. In the legal profession, these types of funds have a specific definition. The American Bar Association has rules that document how an attorney must handle trust funds, and they can audit an attorney’s use of trust funds at any time to ensure that the attorney is following the rules. From the perspective of using Timeslips, however, the important ...