Automatic trust accounting updates

Purpose

1. Automate trust accounting updates by syncing billing, invoice payments, retainer trusts, and compliance ledgers for paralegal legal billing.

2. Securely automate ledger balancing, transaction recording, and disbursement tracking for compliance with legal trust account regulations.

3. Facilitate automated reconciliation between client payments, trust account movements, and matter records to achieve best-in-class legal accounting automation.

Trigger Conditions

1. New invoice issued, payment received, retainer deposit, or withdrawal on client trust accounts.

2. Automated alerts on threshold breaches, such as trust account low balance or unapplied funds.

3. Scheduled automated reconciliation process running daily, weekly, or monthly.

Platform Variants

1. Clio Manage

• Feature/Setting: Configure Clio Payments API endpoint (“/bankaccounts/transactions”) to automate trust transaction logging.
  

2. QuickBooks Online

• Feature/Setting: Enable API token access for automated "Bank Transactions" sync and rule-triggered trust account updates.
  

3. Xero

• Feature/Setting: Activate “Bank Feeds” for automated bank reconciliation and use the "Create Payment" endpoint for automated ledger updates.
  

4. Stripe

• Feature/Setting: Set up webhooks on “payment_intent.succeeded” for automated trust fund deposits.
  

5. LawPay

• Feature/Setting: Automate transaction push via LawPay API “/transactions” to legal ledger system.
  

6. PracticePanther

• Feature/Setting: Utilize PracticePanther API “Create Trust Transaction” to automate reconciliation on events.
  

7. MyCase

• Feature/Setting: Enable webhook triggers for payment received to automate trust account entries.
  

8. Actionstep

• Feature/Setting: Configure “Trust Accounting” API for automated allocation of funds to legal matters.
  

9. Zoho Books

• Feature/Setting: Setup automated workflows on “Customer Payment Received” for instant trust ledger updates.
  

10. FreshBooks

• Feature/Setting: Automate import using “Payments API” to synchronize with trust accounts workflow.
  

11. QuickFile

• Feature/Setting: Schedule “Bank Feed Automation” to monitor and automate trust transaction allocation.
  

12. Sage Intacct

• Feature/Setting: Enable “Cash Management API” to automate trust account receipts/disbursements.
  

13. CosmoLex

• Feature/Setting: Set “Automated Trust Reconciliation” to sync payments/withdrawals against rules.
  

14. Wave Accounting

• Feature/Setting: Activate invoice payment webhook for automating fund updates in trust accounts.
  

15. Gusto

• Feature/Setting: Connect “Payroll Payments” webhook to automate trust account disbursal reporting.
  

16. Microsoft Dynamics 365 Business Central

• Feature/Setting: Use “Bank Account Transactions” API for automated trust accounting integration.
  

17. NetSuite

• Feature/Setting: Enable SuiteScript automation on journal entry for trust account posts.
  

18. Salesforce (Financial Services Cloud)

• Feature/Setting: Use “Einstein Automate Flows” to automatically update trust ledgers on payment events.
  

19. PLAID

• Feature/Setting: Automate bank feed polling via “/transactions/get” for trust account sync.
  

20. SAP Business One

• Feature/Setting: Activate Service Layer “Bank Transactions” endpoint for automated trust updates.
  

21. Intuit ProConnect

• Feature/Setting: Configure “Billing API” triggers to automate trust receipts and client matter allocations.
  

22. PayPal

• Feature/Setting: Use Instant Payment Notification (IPN) webhook for automating trust payment entries.
  

Benefits

1. Automates ledger entries and reconciliation for zero manual effort.

2. Reduces compliance risks by automatedly aligning with trust accounting rules.

3. Enhances billing accuracy with automation of client payments and trust allocations.

4. Speeds up compliance audits and error detection via automated reconciliation.

5. Scales billing operations for paralegal providers with robust automation of trust accounting.