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).
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 email@example.com.
General Ledger provides the ability to apply password protection to the reconciliation report PDF files to help keep the firm’s financial information protected both inside and outside the software.
To specify a password for a bank account’s reconciliation report PDFs
Future reconciliation reports will now require a password to be entered in order to open.
The Import Bank Transactions program allows you to import transaction information via a file that you download from your bank or credit card company. File formats supported include the .OFX, .QFX, and .QBO file formats.
During the import process, Trust compares the imported bank account transactions with existing checks, deposit slips, and EFT transactions. If matching transactions are found, they are shown on the Matched tab so they can easily be marked as having cleared the bank. Any imported transactions that cannot be matched are shown on the Unmatched tab, allowing you to easily match them with existing transactions or create new entries based on the imported information.
To import bank or credit card transactions
You have now reduced the time it takes to reconcile your bank and credit card accounts.
Note: This process is also available in Tabs3 General Ledger (GL).
The Combine Trust Transactions program is used to combine one or more unpaid check, EFT, or deposit transactions into a single combined transaction that can be cleared on the reconciliation.
To Combine Trust Transactions
Now all of the entries you included on the combined transaction will show as a single item on your reconciliation.
Did you know that you can easily review past reconciliation reports when needed, right from the software? Both General Ledger (GLS) and Trust Accounting (TAS) store Reconciliation Reports as PDFs for quick review.
To review a past Reconciliation Report
Note: Reconciliation reports are stored in the Reconciliation folder of the Current Working Directory.
You can use the Undo Reconciliation feature. When undoing a reconciliation, any items that were cleared on the undone reconciliation will be marked as cleared the next time the Reconciliation program is opened. This allows you to make any necessary edits without starting from scratch.
To undo a reconciliation
Notes: Reconciliations performed prior to Version 18 cannot be undone. Only the most recent reconciliation can be undone. If the check is on an older reconciliation, the more recent reconciliation(s) must be undone first in sequential order.
Thinking about purchasing a license for our Trust Accounting, Accounts Payable, and/or General Ledger software, but not sure what they offer? Take a quick tour!
The Tabs3 Financials Overview video walks you through the highlights of our financial software. Learn more about how you can easily manage trust accounts, get financial statements, write checks, reconcile bank statements, and print 1099’s in one seamlessly integrated software suite!
Watch this four-minute video here:
Training Videos can be accessed at Tabs3.com/videos. You can also access the videos while in the software by selecting Help | Training Videos.
We’ve added the ability to open the Three-Way Reconciliation Report via the TAS Dashboard! When you update to Version 20.1.7 or later, you can quickly run this report for the bank account’s last reconciliation by clicking the 3-Way Rec link.
Note: The text “No reconciliation history” will be displayed if no reconciliation records exist for the account.