Australia

All Jurisdictions Except Queensland - Reporting by entry date

This was the ultimate reason for the redesign of the Trust Accounting system, we were not able to use our entry date as the report driver in the old system.

This is a large change for users as it means that all reporting and calculations are driven by the date the entry was made by the user rather than the transaction date. So in a scenario where a firm receives funds to Trust on the 31st of March and has not physically processed the transaction until the 1st of April, the transaction is - to all reporting and calculations - a 1st of April transaction. By law users are only required to carry out a Trust bank reconciliation once per month and they have a 14 day window following end of month to complete it.

If a firm reconciles daily this will result in a lot of balancing items on the bank rec. This also means that you will not be able to backdate correcting entries. Advice for this would be to make sure that all transactions were entered by the last day of the month and wait until the following month to complete a bank reconciliation.

Invoice Holds (NSW, Victoria, Queensland, Western Australia)

Some states require that invoices are not able to be paid till 7 days has past to allow the client time to dispute the charges. These will be applied automatically to your system. See Invoice holds and cost agreements for more details.

Uniform Rules (NSW & Victoria)

As above and many more... mostly forced fields where there were none before. But also the new Electronic Funds Transfer Process

New Zealand

Allowed to use Firms Interest in Trust function where when paying an invoice the funds can be kept in the trust bank account and advanced to clients to meet costs.

Full List of Jurisdiction Specifics

Below identifies the Trust nuances that are specific to certain jurisdictions.

NZ Law Society

Aliases	'Surplus' is 'Firm's Interest in Trust'
General/Other	Negative matter balance is allowed Advances are enabled Surplus is allowed
Receipts	There are no required Cheque fields Wording that must appear on Receipt DOCX is: "Official Receipt Form for trust moneys"
Payments	Payment "Check" fields are not required

Au Uniform

Aliases	EFT Account Number is BSB + account number
General/Other	Require address for contacts (Individuals only) Negative matter balance is allowed Reports are sorted by Entry Date Bank Reconciliation is limited by Entry Date Controlled Money Account is Allowed Statutory Deposits are allowed Payments Cashbook Report does not include Entry Type & Number Trial Balance - User input is required for reconciled cashbook
Receipts	Received From address is required The Payment Received Date is required Import receipts tool disabled
Payments	Payment EFT fields are required 'Requested By' field is required EFT Requisition is required for EFT payments Invoice Payment Hold Days: 7 Invoice Payment Hold Days Override is allowed Bank checks are not allowed Import Payment tool disabled

Au QLD

Aliases	EFT Account Number is BSB + account number 'Statutory Deposit' is 'Prescribed Account'
General/Other	Require address for contacts (Individuals only) Negative matter balance is allowed Reports are sorted by Entry Date Controlled Money Account is Allowed Statutory Deposits are allowed
Payments	Payment EFT fields are required 'Requested By' field is required Invoice Payment Hold Days: 7 Invoice Payment Hold Days Override is allowed

Au SA

Aliases	EFT Account Number is BSB + account number
General/Other	Require address for contacts (Individuals only) Negative matter balance is allowed Reports are sorted by Entry Date Bank Reconciliation is limited by Entry Date Controlled Money Account is Allowed Statutory Deposits are allowed Statements are required to show Entry Date Use of Trust Transfers are not allowed Deposit Slip line shows on Receipts Cashbook Report
Payments	Invoice Payment Hold Days: 7 Invoice Payment Hold Days Override is allowed

Au NT

Aliases	EFT Account Number is BSB + account number
General/Other	Require address for contacts (Individuals only)

Au WA

Aliases	EFT Account Number is BSB + account number
General/Other	Require address for contacts (Individuals only) Negative matter balance is allowed Reports are sorted by Entry Date Bank Reconciliation is limited by Entry Date Controlled Money Account is Allowed
Receipts	Received From address is required
Payments	Payment EFT fields are required 'Requested By' field is required Invoice Payment Hold Days: 7 Invoice Payment Hold Days Override is allowed

Au ACT

Aliases	EFT Account Number is BSB + account number
Receipts	Payment Received Date is enabled

Au TAS

Aliases	EFT Account Number is BSB + account number
General/Other	Require address for contacts (Individuals only)

UK

Aliases

'Trust' is 'Client' (e.g. 'Client Accounting' instead of 'Trust Accounting')
Advances are enabled

US Surplus

General/Other

Surplus is allowed

Ca Surplus