An Operating account is your regular bank account which you use for your business. All payments received for various invoices, funds withdrawals from Trust accounts should be linked to your operating account. If you are making payments to your contacts from your operating account (In the case of refunds) then those transactions are also linked to your operating account.
To transfer funds from Trust account to operating account, you should raise an invoice for your services and then make the transfer, as linking to an existing invoice is mandatory while recording the transfer transaction. This is done to maintain simplicity and accuracy for various information and data related to fund movements.
To simplify tracking and accounting, LawGro offers transactions from or to only one Operating account for all your needs.
Operating Account Balance at Firm level
To view your firm’s operating account balance, log in to your LawGro account and please follow the below steps:
- Once logged in, click Main Menu (≡) on the header, then click Dashboard.
- You can view your firm’s operating account balance in the graph for Received amount (second graph) displayed on your dashboard.
Operating account balance contains details of all payments received for various invoices, transfers made from Trust account to Operating accounts and even factor in for any refunds made out of operating account.
Operating Account Balance at Contact level
To view operating account balance of a specific contact, log in to your LawGro account and please follow the below steps:
- Once logged in, click Main Menu (≡) on the header, then click Contacts.
- Click on specific Contact record for whom you wish to view operating account balance and you will be redirected to the contact page.
- You can view your contact’s operating account balance in the Received.
Learn more about Invoicing & Billing