Speaker 1: Within Bill for Time, you can set up your trust accounts to track retainers. If you've signed up for a legal account, trust accounting will be available right away for you. To check to make sure this feature is turned on, you can click your name at the top right and select Settings, then the System tab, and click Edit Settings. From here, you will see Use Trust Accounting. If unchecked, check the box next to this option and click Save Changes. If you do not see the trust account option in your list, then you may have signed up for a non-legal account and make sure to contact support at billfortime.com to assist you further. The trust account can be located in both the client and project profiles. You can click into a client, and to the right you'll see the Trust Account tab. The first step is to set up your bank account. Click the list icon to show any active bank accounts you have in your system, and click the Add button to add a new one. Account name, bank name, and account number are all required, but it will not link up to your actual bank account, so it's strictly for internal purposes. Once you're finished, you can click Save, and then Done. You'll then pull down the bank account dropdown to choose this bank for the client. There are four selections on this screen, Add Deposit, Add Disbursement, Transfer In, and Transfer Out. Add Deposit means you've received a retainer from your client and you would like to record this in their trust. When adding a new deposit, you'll be able to select the related project. General Project Trust comes in handy if you only have one specific project under your client, or maybe you have multiple projects under your client, but the retainer would go towards all of them. If you pull down the related project dropdown, you also have the option to save your retainers under a specific project. So let's say your client has a retainer of $10,000. $5,000 of that goes towards project A, and the other $5,000 goes towards project B. You can then enter in two $5,000 deposits in towards each individual project. I'm going to keep it set to General Project Trust for now, and enter a lump sum of the $10,000. You can change the date, add any notes, enter a check number, and more. Make sure to watch the IELTA tutorial for further information. Once finished, click Save. Add Disbursement means you're pulling funds from trust to pay an outside party, for example, which is not related to the services you're charging the client. You can choose what project you are pulling the funds from, enter the amount, change the date, enter who this was made to, and of course add a description. Once you're finished, you can click Save. This will then deduct from the funds within trust. Transfer In and Out would allow you to transfer funds from one project trust to another. So we entered the full amount of the retainer in the General Project Trust, but let's say now we want to allocate money into a specific project. If you're currently in the General Project Trust, you would transfer out. Choose the destination, the amount, the date, and any notes. Once you're finished, click Save. Once you click on Trust Accounting, it will show all transactions by default in the General Project Trust. You can pull down the project dropdown on the screen to choose what project you want to look at. All Project Trusts will show the transactions within the project trust only, and General Project Trust plus All Project Trusts will show all transactions, both in the General Project Trust as well as in each individual project. And then lastly, you can look at the individual projects alone. Let's say you want to pull funds from your trust to your operating account to pay for an outstanding invoice. This is done under the Accounting. Click Receive Payment, and from here, you would choose your project if required, enter in the amount, change the date, then change the payment method from Check to Trust Account. You'll see the Trust Account dropdown where you'll be able to see the different project options. You'll also be able to see the funds available in each project trust. Add any notes if needed, then you can apply this amount to an outstanding invoice. You can click the Apply button, and then click Save. The funds will then pull and deduct the amount from trust, leaving whatever is left over. You can also pull funds from your invoice batch. Go to Invoicing, and click on the invoice batch that you created. You will see a Trust Payments tab which will show you each individual client in your batch. The amount remaining on the invoice, what trust account they default to, and the funds available in trust. You can edit the amount you want to apply to the invoice, and you can click the Pay button. This will automatically add and apply your payments to that specific invoice. If you click on an invoice and click the Print button, you'll be able to see this information in the Trust Account Summary for each transaction if this is turned on in your invoice template. Thank you for watching the trust accounting tutorial, and continue watching for the next quick tip video.