Manage Any Number of Client Trust or Firm's Operating Accounts
CaseFox® can handle multiple trust accounts. Hence, if you have multiple trust accounts with your bank(s), you can mimic those accounts in CaseFox (preferred method). Every time you withdraw money from a trust account at the bank, make the same entry in CaseFox. This way you will not need to maintain a separate ledger for trust account transactions. Alternatively, you may also create just one
trust account in CaseFox. CaseFox automatically keeps track of fund add/withdraw by clients. Use "Trust Accounts" tab on the top tab bar to view all trust accounts
and transactions (separated by client names) for all clients. To view trust transactions for a particular client, click on "Clients" tab, select the client and then click on "Trust Fund Transactions." If one of the trust fund account contains money for more than one client, CaseFox will monitor individual portions of funds and will not let you overdraw money for any client, even if the amount being withdrawn is less than the overall account balance. In summary, CaseFox automatically and transparently creates sub-accounts for clients within a trust account.
CaseFox can also handle the scenario in which a client's funds are deposited in multiple trust accounts.
To export all accounts, click on "Accounts" tab, then on the right side pane, click on "Export All Accounts" link. For easy bookkeeping and compliance with local bar rules, an Excel workbook including separate worksheets for each account and each client will be downloaded. Check printing is also available for trust withdrawal entries.
To obtain a list of clients and their current trust balances, click on the "Clients" button on the Dashboard.
BULK PAY INVOICES FROM TRUST
In addition to usual "pay one invoice at a time from trust funds" feature, a one click bulk pay invoices from trust funds is provided. Click on the Invoices button on the Dashboard, then select "Pay All Unpaid Invoices from Client Trust Funds" option. This feature must be used after carefully verifying all invoices because once executed, the entries cannot be automatically rolled back. The trust and payment entries must be manually deleted/edited if a need arises later. After running this feature, click on the Accounts button on the Dashboard to download the workbook to write yourself checks from trust and reconcile with bank records.
DELETING TRUST FUND ENTRIES
To avoid bookkeeping issues, by default delete functionality have been disabled for trust accounts and trust fund transactions. You may enable trust delete feature by going to "Settings/Tools/Reports" -> "Edit Business Information", then find the checkbox for enabling trust delete feature. To delete a trust account, delete all trust transactions in the account first. The option to delete the account will automatically appear when there are no more entries in the account.
Starting balance is the money in a trust account that belongs to the attorney or the firm. In some jurisdictions, it is permissible to use your own funds (small amount such as $50) to cover bank charges (if your jurisdiction does not allow putting your own funds, use 0 as starting balance). If an existing trust account with the bank that your are
replicating in CaseFox already has client funds, DO NOT use the entire amount as "Starting Balance." CaseFox needs to know which client or clients this money belongs to. Therefore, after creating a new trust account in CaseFox (using either 0 starting balance or starting balance that reflect your own money), use "Add Funds" option to add funds to
the newly created account. The Add Funds option will require you to select a client for whom you are adding these funds. Subsequently, CaseFox will monitor funds of each clients and will not allow overdrawing funds for any client. You will not be able to withdraw from starting balance against any client. However, you can withdraw for "Self" from starting balance.
To withdraw against starting balance, in the client dropdown list, select [Self-Attorney/Firm]. Similarly, to deposit your own money into a trust account, select [Self-Attorney/Firm] in the client dropdown list.
FIRM'S OPERATING ACCOUNT(S)
You may also manage your firm's operating accounts in CaseFox. To add an operating account, in "Add Account" check the firm's operating account identification box. Keep in mind, CaseFox will not allow client fund deposits in an operating account.
WITHDRAW FUNDS V. TRANSFER FUNDS TO OPERATING ACCOUNT
Use Withdraw Funds feature if the money from trust account is directly being paid to a third party. However, if you are transfer money from client trust and depositing in firm's operating account, you may use "Transfer Funds To Operating Account" feature. A transfer will create a withdrawal from client's trust funds and make a deposit entry in the selected operating account.
CLIENT'S MIN TRUST BALANCE AND DEMAND FOR REPLENISHMENT
Suppose your attorney-client fee agreement requires a client to maintain a certain minimum balance in trust. Click on "Clients" tab, select the client and then click on "Client Details/Edit" tab on the right. Enter the "Min. Trust Balance" amount and save. In "Settings/Tools/Reports" -> "Edit Business Info/Settings" screen, if "Show Trust Funds On Invoice" option is selected, client invoices will have a sum added to the total to bring the trust account deposit to the min. required.
If an invoice shows a "To Be Paid From Trust Funds" amount (if such setting is enabled via Settings/Tools/Reports->Edit Business Info/Settings), please visit Invoices tab and click on the green dollar Login front of the invoice and enter this amount (in the description, you may add "paid from trust funds"). Then go to "Trust Funds" tab for the selected client and click on "Withdraw" to withdraw the amount indicated on the invoice. In the description, you may mention the invoice number.
Alternatively, on the same payment screen, you may select "Pay From Trust Funds" and select a trust account from which you wish to pay the invoice. Enter the amount to be paid. The system will automatically create a payment entry and a withdrawal from the selected trust account. The system will also display the client's balance in the selected trust account and ensure that you don't overdraw funds.