CPMS Wiki

ContactsLaw Trust accounting

ContactsLaw provides a comprehensive set of features for operating a trust account:

Transaction activities for receipts, payments, journals, etc
Bank deposit and bulk payment activities
Bank reconciliation
Trial balance report
Reports as required under legal profession regulations:
- Client statements
- Changes to client and file records
- Receipts cash book
- Payments cash book
- Register of powers and estates
- Register of controlled money
- Register of transit cheques
- List of transactions resulting in a debit balance to a file

Regulatory compliance

In recognition of the move towards a national standard, ContactsLaw primarily complies with the NSW Legal Profession Regulation 2005 in relation to trust accounting. Due to the extremely close correlation between these regulations and the Western Australian Legal Profession Guidelines 2008, you can confidently use ContactsLaw to operate trust accounts within the WA jurisdiction.

It is worthwhile to note that, while ContactsLaw complies with the regulations which govern computerised accounting systems, users must also adhere to the relevant operational regulations in order to be fully compliant. Ensure that all data entered into ContactsLaw is complete and accurate, and avoid using work-arounds.