If you have created a Trust with mattero, you can create an opening balance to continue from the balance you had with your previous Trust management system. (For more information on creating a Trust account in mattero, view the Create a Trust Account article.)
Your Trust's opening balance is the total Trust balance of your Matters from when you began using mattero to manage your Trust Account.
Please note, it is recommended you start managing your Trust with mattero on the first day of a month to simplify the reconciliation process.
Before entering a Trust opening balance in mattero:
- Ensure all Matters with a Trust balance are created in mattero
- Obtain your current Trust Account balance as at the cutover date
- Review all Trust reports (Trust Ledger, Trust Trial, Trust Cashbook, Bank Reconciliation, etc.) from your legacy system to ensure balances are correct
- Ensure no further Trust transactions are entered in your previous Trust management system
Creating an Opening Balance for a Trust Account
To add an opening Trust Account balance:
- On the sidebar, select System ().
- Under Trust Accounting, select Trust and Bank Accounts.
- In the Trust Accounts tab, select the Actions menu of a given Trust Account, then select Add Opening Balance.
- Enter the total Amount for your Trust Account and select the Date of Receipt as the day you began using mattero (for example, the first day of a month).
- In Matter Allocations, select a Matter and enter its allocated Amount. If more than one Matter contributes to your Trust Account's total Amount, select New Allocation to add additional Matters.
Enter the Amount for additional Matters as needed, or select Delete () to remove a Matter.
Please note, the sum of all Amounts must equal the total Amount for your Trust Account. Any allocated Amounts will display as an opening balance Trust transaction in the Trust tab of the Matter.
- When all information is entered, select Save.
- To record the current Statutory Deposit Balance, create a Trust Payment and ensure the Payment details clearly reflect that this is an opening balance.
For example, set the Date of Payment as the cutover date, set the Description as "Opening Balance", and set the Matter as the Statutory Deposit Matter you assigned as part of your Trust Account Settings, and so on.
For more information, view the Statutory Deposits article.