Welcome to our video blog where we will focus on learning about recording bank deposits in Leap Legal for Cash and Cheques
Transcript
0:01 Hey! So here is a video on receiving payments in Leap with cash or check and specifically on recording the bank deposits in Leap Legal for those things.
0:13 So I am just going to go to any old random matter here and I will receive a payment and then I will show you what that looks like.
0:26 So this will be true no matter where you receive a payment. So for example under general accounting this is, looks like it’s a new matter that doesn’t have any any invoices or anything on it, but if you were receiving a payment against an invoice for example it would
0:47 be true for any sort of general funds received. I’m just gonna do it with trust because I can easily receive a trust retainer without creating an invoice to show you what that looks like.
0:56 So, under trust, if we receive payment I’ll just do two in here. I’ll say maybe she gave us cash. And it was, I don’t know, five hundred dollars in bills and the reason is, trust retainer to five hundred dollars.
1:23 So this is one here. So you can save and close or you can save a new bank deposit in Leap Legal. What I’m going to do right now is I will save and close because that way I can show you how to get back in to record bank deposits in Leap legal for a payment.
1:38 So save and close. Oh you know why? It’s because it’s caught in its own street address and apparently it’s not compliant to receive money from somebody who don’t have their address on file or make payments.
1:53 That’s alright. I’ll just click OK. So we have a payment here. So now this money is considered undeposited funds because I’ve received the payment but I’ve not recorded the deposit according to leave.
2:04 If I had clicked save a new deposit I could have done that right away in one step. Which is the simplest way of doing it.
2:10 Otherwise if I have it here I can re-open it and I can click these three, oh, down here. Save a new bank deposit.
2:24 And so this is where I’m going to record the deposit. So it will automatically show that when we received the money and when we entered it but what we’re going to do is we’re going to set the date that we actually deposited it.
2:35 In this case it’s going to be the same. But if you’re going back and fixing these because you entered this like, you know, two weeks ago.
2:44 And you’ve actually deposited it two weeks ago. You can set this to two weeks ago as well. memo if you need to. It doesn’t matter. Um, so save and close.
2:50 So now I’ve recorded that I’ve not only received the money from the client, but I’ve deposited it into my bank account.
2:56 And so what happens is LEAP will, Print that right here. We’ll print like a trust bank deposit so that you can access in your reports later.
3:07 You can just close this and ignore it. I know some lawyers are really excited instead of having like a, deposit slipped.
3:13 I can actually take this to the bank and get the teller’s name. You don’t actually need to like print this in real life or anything.
3:19 So there I’ve taken cash and then I’ve also recorded the deposit. I’m going to do another one with cash just as an example.
3:28 Trust. Inner cash. I got 500 again. And so I could save a new bank deposit right away. I’m just going to save and close this.
3:45 And then I’m also going to receive a payment by check. So, payment type, and so I’ll just save the general check.
4:00 And then you can put in the information on. On the actual check. If you have it, I’m putting in zeros because I don’t have it.
4:07 And then, let’s save trust. Pay more again. Four, five hundred dollars. And again, you can save and request. Or the deposit, all in one step.
4:19 Like, let’s say, you know, this morning the client gave you a check, and then you took a picture of the check and deposited it to your online banking from your phone app or something or you did, or you deposited it in the morning and you’re recording this in the afternoon.
4:30 Whatever it might be. If it’s already deposited, you can save. You can record the deposit at the same time. But I’m just going to save and close for now, because I am going to show you how you can also do bulk deposits.
4:42 So now I have, technically, from this transaction, I have $500 cash and a $500 check that are just sitting here.
4:48 They got to be deposited. Maybe I’ll go to the bank and I’ll deposit them together because that’s handy, but what will happen is when I deposit them together on my general ledger in my bank account, it’s going to show a $1,000 deposit.
5:00 So if I’m depositing it together and I want it to match, I can go to menu, accounting, and then this is a trust deposit I’m making.
5:11 If I’m depositing it into my general account should I say anything? Oh. Right down here for general new bank deposit for if I’m depositing funds into my general account.
5:27 These are all trust. So under trust accounting, I’m going to make a new bank deposit. And then you can see here that it’s going to show any outstanding payments that you have received but that you have not yet deposited or at least recorded as deposited.
5:43 So then you can check off, okay, which ones am I depositing right now? What was the date I deposited them?
5:49 And so you can see there’s cash for 500. There’s a check for 500. The deposit total is 1000. I’m going to save and close.
5:57 And now it’s going to print me that same deposit slip but it’s going to show both the amounts here. So in Leap and when it integrates with QuickBooks it will show a total of $1000 deposit which will then match your bank account.
6:10 So that’s how you do it if you’re depositing multiple items at once. So hopefully that makes sense but let me know if you have any questions about bank deposits in Leap Legal.
More Questions About Bank Deposits in Leap Legal?
If you want to learn more about managing bank deposits in Leap Legal or other resources be sure to check out the blog section, which has additional resources!
