What Is the Difference Between Operating and Trust Retainers?
A Trust Retainer is money that is given to the firm that needs to go into a separate escrow account where the firm has no access to it. However, an operating account is money that is given to the firm that can be used by the firm on payment.
Once you follow the instruction for adding a new retainer
the difference between making an operating and trust retainer in Zola Suite is the bank account that the payment goes to. If the money goes to the trust account then it would be considered a trust retainer and if the money is deposited to an operating account the retainer would be an operating retainer.
Have in mind that you have the ability to transfer the money from a trust account to an operating account once the trust retainer payment is applied to an invoice
. Additionally, via the invoice customization section in the firm settings you can add the balances that the matter has for trust retainers and operating retainers
How Do I Apply a Retainer to Invoice(s)?
With "Apply Retainer" you are able to apply multiple payments from a specific bank account (that were entered in as new retainers) to multiple invoices from a specific matter Go to the Accounting section, click the "+" on the green action bar ...
How Do I Record a New Retainer?
When taking in any kind of advanced client payment, retainer or recording a deposit to the Trust account you will want to enter it as a New Trust/Retainer Payment. You can also create a retainer with a credit card via APX . Go to Accounting section ...
How Do I Refund a Retainer?
If you have leftover funds within a client's matter or if they overpaid, you can refund their retainers. Operating retainers can be done within the Invoices and Payments section by clicking on the +, while Trust retainers must be refunded by creating ...
What is Zola Suite's WIP/AR Trust Report?
The WIP/AR Trust Report in Zola Suite is extremely comprehensive and useful when allocating funds from Trust or an Operating Retainer, but it also serves as an excellent tool to get a detailed look at each of your Matters from a financial ...
How Do I Create a New Retainer Using APX?
CARET Legal uses APX to allow users to receive retainers and directly apply the funds to their accounts. To do so: Go to the Accounting section under the Invoices tab Click on the plus sign and select New Trust/Retainer Payment Fill out the required ...
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