Trust Accounting

Trust Accounting by Dingosoft is a software solution designed for medium to large firms. According to the vendor, it provides an end-to-end solution for managing trust accounting processes, making it suitable for law firms, real estate agencies, property management companies, financial institutions, and non-profit organizations. The product offers a range of features and functionalities to streamline trust account management, client matter tracking, disbursements, compliance, reconciliation, reporting, and more.

Key Features

Trust Account Management: According to the vendor, the product allows efficient management of trust accounts for clients by tracking deposits, withdrawals, and transfers in real-time. It also enables the generation of detailed reports on trust account activity and balances.

Client Matter Management: The vendor claims that the product facilitates the maintenance of a comprehensive database of client information, including contact details, billing rates, and matter history. It allows linking trust accounts to specific client matters for accurate tracking and reporting. Additionally, it provides an easy search and retrieval function for quick reference.

Trust Fund Disbursements: According to the vendor, the product enables accurate and secure processing of trust fund disbursements. It allows the setup of predefined disbursement rules for streamlined transactions and automatic calculation of fees, taxes, and other deductions from trust funds.

Interest Calculation: The vendor states that the product automatically calculates interest on trust accounts based on predefined rules. It generates interest statements for clients and provides customization options for aligning interest calculation methods with specific jurisdiction requirements.

Compliance and Audit Trail: According to the vendor, the product helps maintain a comprehensive audit trail of all trust account transactions to ensure compliance with legal and regulatory requirements. It also generates detailed reports for internal and external audits.

Trust Account Reconciliation: The vendor claims that the product facilitates the reconciliation of trust account balances with bank statements to ensure accuracy. It helps identify and resolve discrepancies in a timely manner and streamlines the reconciliation process with automated matching and exception handling.

Reporting and Analytics: According to the vendor, the product allows the generation of a variety of reports, including trust account balances, transaction summaries, and client statements. It also provides tools for analyzing trust account activity and trends to gain insights into financial performance. The reports can be customized to meet specific reporting requirements.

Integration with General Ledger: The vendor states that the product seamlessly integrates trust accounting with the general ledger system. It automatically transfers trust account transactions to the appropriate general ledger accounts, ensuring accurate financial records and streamlining reconciliation processes.

Multi-Currency Support: According to the vendor, the product handles trust accounts in different currencies to accommodate international clients. It automatically converts currency values based on real-time exchange rates and generates reports and statements in the client's preferred currency.

User Access and Security: The vendor claims that the product offers control over user access levels and permissions to safeguard sensitive trust account data. It implements strong authentication measures to prevent unauthorized access and tracks user activity to maintain an audit trail of system interactions.