Trust Cheque Reversal

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The Trust Cheque Reversal routine allows the user to reverse any Trust Cheques that have been posted through the Post Trust Cheques routine. To view all posted Trust Cheques, the user may execute a query without entering any restrictions; the user may then select which Trust Cheques will be reversed from the list displayed. The reversal process is complete once the user has clicked the Save button, and the reversal information has been updated to the General Ledger.

When the Trust Cheque Reversal routine is accessed from the eQuinox main menu, the screen shown below will be displayed.
 
Field Definition

Trust Cheque Reversals

 The first two fields on this screen display the Journal Type (TCX) and the Journal Number.
Posting Date
The date on which the Trust Cheque Reversals are being posted to the GL. The default is the current System Date, but this may be changed by making a selection from the Calendar provided.

Acct Period
The Month (in number format) and Year of the Firm's current Accounting Period. This field automatically defaults to the current Accounting Period. Note: Depending on the Firm's preferences (as indicated in the Firm Parameters routine), the user may be alerted with a message when Posting the Trust Cheque Reversals, and asked to verify the Accounting Period; this is used to ensure that all transactions occur within the correct Accounting Period.

Trust Cheque Information

Trust Cheque Reversals
Trust Bank
The Trust Account from which the Trust Cheque amount was drawn when it is processed. When the Trust Cheque is reversed, the Cheque amount will be returned to the same Trust Bank Account. The name of the Bank with which the account is maintained is also displayed. The information displayed in this field is specific to the selected Cheque (i.e. in the screen section above, the amount of Cheque # 6 was drawn from Bank Account # 2020, which is in the City Savings and Trust Bank).

Reason to Reverse
A description of why the Trust Cheque is being reversed. The user must manually enter this information before they can select the record for reversal.

Sel
If the selected Cheque is to be reversed, the user must 'check' this field. Once all Cheques needing to be reversed have been selected, the user must click the Save button to complete the reversal process and update the information to the Journal.

Tran Date
 The date on which the Trust Cheque was originally drafted. This information is automatically displayed.

Cheque ID
Once a Trust Cheque is Posted, a Cheque ID is automatically assigned. This field may not be edited by the user, as the same ID is used for identification purposes throughout the life of the Cheque. This information is automatically displayed. Note: This is not the Cheque Number.

Manual
This field indicates whether or not the current Cheque is a manual Cheque (i.e. if an "N" is displayed in this field, the Cheque was computer generated; if a "Y" is displayed in this field, the Cheque was manually written out and entered into the system. This information is automatically displayed.

Cheque No
The Cheque Number, as appears on the Cheque itself. If the Cheque is manual, the Cheque Number was entered by the user in the Post Trust Cheques routine; if not, the next consecutive Cheque Number was automatically assigned when the Trust Cheque was posted. This information is automatically displayed.

Payee
The person to whom the Cheque was written. This information is automatically displayed.

Chq Amount
The amount of the current Trust Cheque. This information is automatically displayed.

Trust Cheque Reversals
Payee Address
The address of the person/company to whom the cheque is made payable.

Cheque Description
A description of the cheque, as recorded when the cheque was entered into the system.

Trust Cheque Details

Trust Cheque Reversals
Note: Each Trust Cheque may consist of more than one Trust Cheque Detail entry (i.e. a Trust Cheque may be written to one Payee on behalf of numerous Clients. The information displayed in this section is specific to the Trust Cheque selected above.

Client, Client Name
The unique identifier and name of  the Client to whom the Trust Cheque, or part of the Trust Cheque, is attributed (i.e. The Trust Cheque was written on behalf of this Client, using Trust money that Client previously paid to the Firm).

Matter, Matter Name
The unique identifier and name of the Matter to which the Trust Cheque, or part of the Trust Cheque, is attributed (i.e. The Trust Cheque was written on behalf of this Client/Matter, using Trust money that Client previously paid to the Firm).

A/R
The Trust Cheque is broken down into Cheque Subtype: Allocated or Retainer. If the money for Trust Cheque was to be drawn from the Client's Allocated Trust money, an "A" will be displayed in this field; if the money for the Trust Cheque was to be drawn from the Client's Retainer Trust money, an "R" will be displayed in this field. Note: One Trust Cheque may have more than one Subtype. If a payment on behalf of a single Client consists partly of a Retainer amount and partly of an Allocated amount, there may be two (or more) Trust Cheque Detail records, one for each Subtype for that Client.

Amount
The amount of money that was to be drawn from the Client's Trust money and used towards the total of the current Trust Cheque. The sum of the Amounts must equal the Trust Cheque Amount.

Description
A description of the current Trust Cheque Detail record, as entered when the Trust Cheque was entered into the system.

A Successful Transaction

 Once the user has clicked the Save button, and the selected Cheques have been successfully reversed, the message seen on the left will be displayed to the user.

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