March 2014
Beginner
408 pages
8h 24m
English
Content preview from Sage Timeslips For Dummies
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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 ...
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