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Receipt unknown trust deposits made in error

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Summary

Learn how to record a deposit made into your trust account in error, ensuring accurate reconciliation at the end of the month.

This article covers:

How it works

Occasionally, deposits may be made into your trust account in error or without a clear purpose. It's important to record these transactions to maintain accurate reconciliation and compliance. Box+Dice allows you to create a dedicated ledger for such deposits and manage them until the correct property or purpose is identified.

Create a ledger for unknown deposits

To receipt unknown funds:

  • Go to: Accounting > Trust > Ledgers
  • Click + New ledger

  • Enter the ledger’s name appropriate for the transaction (e.g., Miscellaneous or Deposit made in error)
  • Select Other Sales Ledger for the ledger type
  • Link a Contact/Business
  • Enter your Account

Receipt unknown funds

Note: We suggest linking the receipt to your company’s record to ensure the funds are traceable.
  • Receipt the deposit into the ledger as normal

If the funds are paid out later:

  • Add a trust payment on the appropriate date

If the funds are deposited but the purpose is unknown:

  • Receipt them into the above ledger

Once the correct property is identified, use Transfer Funds to move the funds to the correct Property ledger

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