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.
Beginning with Version 2020, Tabs3 Billing and Trust Accounting Software (TAS) supports integration with LawPay for electronic processing of payments, client funds deposits, and trust deposits. LawPay supports both credit and debit cards in Tabs3 Billing and TAS, as well as electronic fund transfers (eChecks) from checking or savings accounts in Tabs3 Billing.
Tabs3 Billing allows you to manage the client’s payment methods from either the LawPay tab of the Client file or from the Payment/Client Funds Entry windows. TAS allows you to manage your LawPay payment methods from the Trust Transaction Entry window. You can add or remove payment methods as well as update the email address for each payment method. When an email address is present, the client will automatically be emailed a receipt each time that payment method is used.
Once you have enabled LawPay in Tabs3 Billing, you can include a LawPay payment link in the statements you email to your clients. This allows clients to pay their statement with a credit card or eCheck without anyone at the firm handling sensitive payment information. Once a client has paid their bill via LawPay, you can import the payment into Tabs3 via the Import Online Payments program (Maintenance | Integration | Import Online Payments). See Knowledge Base Article R11767, “Using the Tabs3 Payment Link,” for more information regarding setting up payment links and importing payments. For more information on LawPay integration, see Knowledge Base Articles R11828, “LawPay Integration Frequently Asked Questions,” and R11826, “Configuring LawPay Integration with Tabs3 Software.”
