Adding Beginning Balances for Trust Cash and Trust Liability Accounts

All money in a trust account must be assigned to a matter. Beginning balances need to be entered for trust cash and liability accounts for each matter.

IMPORTANT: Enter beginning balances for all matters and for all trust accounts on the same day so that all beginning balances have the same deposit date.

1. Select Trust > Trust Deposits. The Trust Deposits window appears.
   
   

2. Click Add. The Trust Deposits - Add window opens.
   
   
   
   Complete the following settings.
   
   Matter Number: Enter the matter number.
   
   Trust Account: Enter the trust account number for the selected matter. Abacus Gold users can have multiple trust accounts. It is important to be accurate because if you put the money into the wrong account, when you print a check the program might tell you there is no money available.
   
   Amount: Enter the balance forward amount.
   
   Description: Enter a description.

3. If you want to add beginning balances for trust for other matters, check Create another and click Done. The window fields clear and you can enter amounts for the next matter. When you are finished, uncheck Create another and click Done. The Trust Deposits window reappears with your entries listed.

4. For Deposit Date, select the date that you want the beginning balance to be recorded.

5. Highlight your entries (click Select All to highlight all entries) and click Post. Your clients now have their beginning balances entered. Posting generates a journal entry so that the checkbook register, trust liability account, and each matter trust activity ledger have the correct beginning balances.