Trust Transaction dates

  • 29 March 2023
  • 1 reply
  • 34 views
S

Recently there was a change made to not allow creating a trust transaction with a future date which for me has become very restrictive.  When we have a Personal Injury settlement ready to disburse I typically create the checks the day before and date the checks for the actual disbursement date.  This allows me to get required signatures on the checks prior to the disbursement date so everything is set to go on the actual date the funds are available.  As an example, a client’s settlement funds become available on March 29.  I write the checks on March 28 and date the checks March 29.  I like to enter the transactions into Smokeball when I write the checks so that all systems are in sync for the monthly reconciliations.  Given the future date transaction in Smokeball I have to remember to enter the Trust transactions the day after the checks are written.  I think a better way to handle this is to provide a warning message when entering a future dated transaction as opposed to not allowing it at all.

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Hi swachtel - Thank you for your thoughtful post and feedback!  This was functionality was changed due to firms accidentally future dating trust transactions.  When deleting or reversing the future dated transaction a reversing entry would be created on the day of the deletion/reversal causing negative balances on their trust ledger, which can obviously throw some red flags.  Although this restriction was meant to help protect firms, it sounds like it inadvertently changed your process.  I understand the need for preparation and entering information all at once.  We’re always looking to make our product better and value feedback, so we’ll take this information in hand to look to improve the product for firms that have similar processes as yours.  

Best,
Chad Holaway
Product Manager - Billing

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