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The Firm's Interest in Trust denotes the amount of the funds within a trust account that do not belong to clients. The Firm's Interest in Trust was previously recognised as "Trust Surplus" in previous releases of Actionstep Trust Accounting. It can be used for Client Advances (where the client is short of funds to pay another party).
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| Note: when you perform a transfer of any kind within trust accounting, two separate |
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| entries are created. In the case of a transfer from/to the Firm's interest in trust account, it will involve the Trust Transfers holding account. What this entails is that when reversing a transaction involving the Firm's interest in trust, two reversals will have to be made: one for the Trust/Transfer accounts, and one for the Current/Transfer accounts. |
To adjust the firm's interest in trust, simply access Trust → Firm's interest in trust → Adjust Firm's interest in trust
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Auto-create a withdrawal: unticking this checkbox will effectively disable the second half half of the transaction, leaving the funds sitting in the holding account (Trust Transfers).