Legal and Trust Accounting Management

Don’t let legal trust accounting scare you. With RunSensible, you can rest easy knowing every trust transaction is logged in accordance with industry regulations and recorded across multiple ledgers.

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Adhere to industry regulations while overseeing your trust accounting

By using our legal accounting software, effectively manage client funds stored in trust accounts. Keep clear records that separate the client funds from the operating funds of your firm.

Reconcile directly and maintain simplicity in RunSensible

RunSensible offers multiple reconciliation alternatives, allowing you to handle your trust accounting from the same platform you bill and receive payments. Simply align trust transactions with your bank statement from the Accounts section.

Create and save reports that are required for trust accounting compliance

Utilize the in-built legal trust account reports to examine all accounts and transactions related to your clients using the ledger report and then produce statements of their accounts. Alternatively, maintain up to 10 years of reconciliation reports when performing direct reconciliation in Runsensible.

Establish separate ledger records for trust and operating funds.

Stay compliant with legal industry regulations by utilizing Runsensible’s software to monitor trust and operating accounts. Keep track of all transactions associated with a client and distinguish between trust and operating account transactions.

Develop invoices that meet regulations.

Your legal invoices should clearly indicate each line item, including the funds removed from the trust account and the current trust balance.

Oversee and document all of your firm’s financials

RunSensible goes beyond providing legal trust accounting software. It offers a comprehensive solution for managing the financial aspects of your law firm, such as profitability, compensation, and financial stability.

Track the financial well-being of your law firm.

Keep track of the operations of your law firm, including work updates, billing data, invoice settlements, overdue accounts receivable, and further details.

Determine the compensations for attorneys

Create a report of the amounts collected by each attorney to visualize and determine the amount of income generated by each lawyer at the firm.

Link up your favourite accounting tools

Maximize accounting efficiency by integrating with top accounting software like QuickBooks Online for comprehensive accounting functionality. Say goodbye to repetitive data entry and streamline your reconciliation process.