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Wednesday Wisdom: Refunding the Excess Funds in a Client’s Trust Account and Closing Out That Matter

Rocket Matter makes trust accounting faster, easier and more manageable. This week, we’ll check out how to close out the matter and refund a client’s trust account balance, when too much money was deposited in their account.

The process can be summarized into issuing the refund and then going on to close the actual trust account matter. The following steps will illustrate both processes:

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Issuing a Trust Accounting Refund in Rocket Matter

1. Navigate to the appropriate Matter Dashboard.

2. Click on the monetary balance in the Trust Accounting section, on the bottom right hand side of the screen

3. Add a debit adjustment in the amount of the refund. In most cases, this will be the entire remaining balance in the account.

4. The monetary balance in your trust accounting section will now show as $0 for this matter.

Closing Out the Client’s Trust Account Matter

1. Navigate back to the matter dashboard screen.

2. Click on the Edit Matter pencil icon, next to the name of the matter, on the top of the screen.

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3. Change the matter to Closed On and enter the appropriate date. You can forward date it as well. Hit OK.

4. You can also click on Enable Delete and hit OK. This will permanently delete the matter and destroy all tracked information. In most cases, it is recommended to simply close the matter out.

That’s all there is to it. It may not always be easy to accurately gauge how much a client should have in their trust account. But, when it comes time to settling up, Rocket Matter makes the process as easy as possible. Stay tuned for more on trust accounting in upcoming Wednesday Wisdom posts.