A Trust account is a special account where various payments received as an advance from your contacts are parked. A Trust account has special significance and many times are even regulated by your local laws. Trust account balances are generally not considered your own money unless you have completed certain conditions, as agreed with your contact before receiving the advance. Once you have completed/ satisfied the governing conditions, you should transfer the funds from Trust account to your operating account and then use it for your various requirements from your operating account.
In events, where there is a refund for a specific matter when the advance for the same was parked in Trust account, you should make the refund transaction linking from your Trust account directly.
To simplify tracking and accounting, LawGro offers transactions from or to only one Trust account for all your needs.
Learn more about Invoicing & Billing