This article describes the fields in the Receipts module.
Overview
- The Online Receipts module can be used to capture receipts regardless of whether the receipts are being captured for an in-person deposit made at your offices or from the bank statement.
- Click on the Help button from the main toolbar to get assistance.
Law Society Requirements
- 35.10 Trust money shall in no circumstances be deposited in or credited to a business banking account. Money other than trust money found in a trust banking account at any time shall be transferred to a business banking account without undue delay.
- 35.13.13 Amounts received by a firm in advance to cover a prospective liability for services rendered or to be rendered or for disbursements (including counsel's fees) to be made must be deposited forthwith to the credit of its trust banking account.
- 35.13.7.1.5 that all money received by it on account of any person is deposited intact into its trust banking account on the date of its receipt or the first banking day following its receipt on which it might reasonably be expected that it would be banked.
Top Tips
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Receipts – Posting a new online Receipt
| # | Field | Description |
| 1 | Receipt by | You can select if you want to receive funds on the matter or against a specific Invoice number that was paid. Receipt by Invoice number is only possible when receipting funds into your Business Account. |
| 2 | Receipt Date | Enter the receipt date. By default, this is the computer date when GhostPractice was opened last. Always match your date to the transaction date. |
| 3 | Received For | Select the account type that funds are being receipted into. Please note on Practice level, the default selection of either Matter or Debtor can be set. You can select client, if you wish to split a receipt across various matters belonging to one client (if multiple invoices were paid). |
| 4 | Account Number | Enter your Matter, Debtor or Client number. If not sure, use the search function to find same. |
| 5 | Account Details Split Account | For a split receipt, start capturing here from the second account, after the first account number has been entered. Click on the green arrow after each account had been entered to show on the list below. |
| 6 | Bank Account Information | Select the correct bank account to receive the money into: Trust, Business, or Investment. When it is an investment withdrawal, remember to select Trust and tick the 'Investment Withdrawal' checkbox. For Trust receipts, the system will default to the trust bank account that the file is linked to and cannot be changed. For Business receipts, the drop-down list can be used to select the relevant business bank to post the receipt to. |
| 7 | Payment Information Received from: | Use meaningful information in the “Received From” field – preferably the name of the entity paying the funds. This will show as the narration in the bank reconciliation. |
| 8 | Payment Information Payment Method: | The method client is paying with – Cash, EFT, Debit Card etc. |
| 9 | Payment Information Amount Tendered & Receipt Amount: | If the Payment Method is Cash, both the amount tendered and the receipt amount need to be populated in order to show any change due back to the client. Receipt amount is the amount received via any payment method. |
| 10 | Split Evenly/ Split Balance | A quick way to populate the amount paid is to click on ‘Split Evenly’ if the receipt is for one file. When there is more than one file entered in the split receipt option, the amount will be divided evenly between the files. Split Balance will split the receipt according to the business balance if more than one file was entered under the split receipt option. |
| 11 | Posting Code | Posting Codes can assist users with capturing the correct narration regarding the method they receive the money from client. |
| 12 | Reason | Users/Bookkeepers can indicate the reason for client paying funds, be it for a deposit, retainer or invoice. (Internal Note). |
| 13 | Comments | This is an additional field, especially for users to add any other relevant comment (Internal Note). |
| 14 | Account Name | This will be the Matter Name (description) of the matter you are receipting the funds to. |
| 15 | Amount Paid | If the Split Evenly or Split Balance option was used, these amounts will already be populated. Alternatively, the receipt amount can be manually entered. |
| 16 | Reserve Amount | Enter the amount that needs to be reserved or put on hold. (If Applicable) |
After all fields are completed, you can Process the receipt, this will immediately generate a printable receipt document, update the matter balances, and the bank recon.