Spotlight: Tabs3 Trust Accounting

March 2024    Tags: Checks, Deposit, Positive Pay, PracticeMaster, Reconciliation, Tabs3Pay, Trust Accounting

Tabs3 Trust Accounting (Trust) is designed to help your firm keep track of the trust accounts you manage.

• Trust tracks an unlimited number of client trust accounts, and can warn you when an account goes below a minimum balance.
• You can print checks, record manual checks, record electronic funds transfers (EFTs), record deposits, reconcile your bank account in the software, and track your trust transactions through a variety of reports.
• The 3-Way Reconciliation Report helps you stay compliant when balancing your accounts. Not only that, but Tabs3 Trust Accounting has a wide range of reports that can be customized to fit your needs.
• Using the Tabs3 Trust Accounting Dashboard, you can easily stay on top of your Trust Account bank balances and quickly monitor any recent activity at a glance.
• Trust Accounting includes a Positive Pay Export program that allows you to export a list of all approved checks that can then be uploaded to your bank or financial institution’s fraud prevention program.
• The best way to accept credit card deposits for your firm is with Tabs3Pay. Securely make credit card or ACH deposits directly through Trust.

Trust provides seamless integration with Tabs3 Billing, PracticeMaster, Tabs3 Accounts Payable (AP), and Tabs3 General Ledger (GL).

• In Tabs3 Billing, trust balances can be shown in the Matter Manager and on work-in-process reports, trust transactions or balances can be shown on billing statements, and payments made to your firm from a client’s trust account can automatically generate a payment.
• Firms using Tabs3Pay can email a request to replenish the Trust balances at any time, giving clients a link to replenish their funds right away.
• In PracticeMaster, trust balances are shown as part of Matter Manager’s Billing Summary.
• In the Platinum edition, check requests can be created in PracticeMaster and sent to Trust.
• You can upload 1099 information to Nelco’s portal to make producing and sending 1099s a snap. Alternatively, IRS 1099 Forms (1099-MISC or 1099-NEC) information can be printed in Trust or be combined with AP 1099 information.
• Payments to the firm from Trust can create journal entries in GL. Additionally, accrual entries for Trust bank balances can optionally be posted in GL.

Trust accounting regulations require strict adherence. Tabs3 Trust Accounting provides peace of mind with the tools to help your firm manage your trust accounts. For more information, contact your local consultant, or contact our Sales Department at sales@tabs3.com.