Within Accounting you will be able to keep track of all Payments, Invoices, Balance Adjustments (debits/credits) and Unbilled Activity. Within Trust Accounting you will be able to keep track of your Trust Retainers, Disbursements, and Transfers. This way, when you need to make a disbursement from the trust account to pay someone who is NOT from your company, it will not affect the company’s balance.
Articles in this section
- Accounting Overview
- What is Accounting Isolation?
- How do I receive and apply a payment?
- Adding a Retainer
- Payment Workflow
- What are the different ways to credit or write down a bill?
- Why is there a separate tab for Accounting and Trust Accounting?
- Can I apply a Balance Adjustment credit to an invoice?
- Why can’t I apply a lump payment to multiple Projects?
- Can I change the currency in Bill4Time?