Spotlight: Trust Accounting Software

September 2021    Tags: Checks, Reconciliation, 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 trust accounts and manages up to 99 different bank accounts. The software can warn you when an account goes below a minimum balance, and provides optional credit card processing (merchant account required).

You can print checks, enter manual checks, record electronic fund transfers (EFTs), print trust ledgers for individual trust accounts and bank accounts, reconcile your bank account in the software, and track your trust transactions through a variety of reports.

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 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 in Tabs3 Billing.
• In PracticeMaster, trust balances are shown as part of Matter Manager’s Billing Summary.
• 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.