About EscrowTrakker® For Lawyers
EscrowTrakker® was designed by our programmers and engineers to simplify the painstaking task of reconciling bank accounts by transaction ledger and customer balance simultaneously, and to record the flow of money in and out of the system by a chart of accounts. We did it and we think nothing else comes close to our solution.
Frequently Asked Questions
EscrowTrakker® is designed for anyone who does escrow accounting for any size law firm.
EscrowTrakker® was designed to be incredibly simple for people with no accounting experience. Just enter your transactions accurately and you will have precise escrow accounting and easy to access reports.
To transfer your escrow accounting from your old system to EscrowTrakker®, you will:
- When you create an EscrowTrakker® bank account, you will see a bank balance of $0.
- Using your most recent reconciled bank statement, enter each customer balance as a deposit, until total balance in EscrowTrakker equals bank statement balance. You will be prompted to create a new customer and job for each deposit.
- Add all subsequent new deposits and withdrawals directly into EscrowTrakker®.
- Then, simply add future deposits and withdrawals.
- Once you enter your initial customer balances, you will be able to reconcile your bank statement with those opening transactions and print a three-way reconciliation.
- Check the box next to each transaction that appears on your bank statement.
- Enter new transactions in EscrowTrakker® for fees, bank charges and interest.
- After bank accounts are reconciled with bank statements, you can generate a 3-way reconciliation report for each bank account by clicking on “Reports” and selecting “Reconciliation Reports.”
Deposit funds in the bank account and assign them to customer: law firm name, job: law firm name admin, and account: Lawyers Reserve account.
You can also transfer funds from Client Retainer account to Lawyers Reserve account once the funds are earned.
- Select “Add Transaction.”
- Select “Transfer.”
- Select a bank account.
- Enter “From” information.
- Enter “To” information. Note: Customer Name will be the name of your law firm.
- To split a transfer between accounts:
- Select “Add Splits”
- Enter the following for each split:
- Job name
- To view your transfers, select “Transfer Journal” from the app’s home page.
- Select “Pie Charts.” Select customer and/or job, for all accounts.
- Results will be displayed on 3 interactive pie charts and a histogram.
- You can print or e-mail results with corresponding ledger.
- Select “Pie Charts.”
- Enter Client Retainer, all customers, all jobs.
- Tap “Preview Report.”
Yes. Any withdrawal can be printed on your pre-printed check forms. EscrowTrakker accommodates 1 to a page or 3 to a page format.
To print checks:
- Load pre-printed checks into printer.
- Select “Print Checks” on the transaction screen.
- Select the withdrawal transactions you want to print.
- Select “Print.”
Yes. If you attempt to overdraw a customer or job balance or bank account balance, you will be notified.
To print any of the following reports, go to “Reports,” create the report, and select “Export” to send it to your printer or email the file in HTML, PDF or CSV format:
- Chart of accounts – list of pre-loaded income and expense accounts, fully customizable.
- 3-Way reconciliation report – The law requires you to reconcile each IOLTA and trust account two ways at the end of the month – once by the bank account ledger and once by customer balance. These totals must match each other. And they must match the totals on your bank statement, resulting in a 3-way reconciliation report. This currently manual process has been completely mechanized and can be done automatically at the push of a button on EscrowTrakker for up to 200 separate bank accounts at a time.
- Trial balance summary – Balance of all accounts – Print for the entire company or for an individual lawyer or specific job.
- Profit and loss – Create a detailed or summary report for the entire company or for an individual lawyer or specific job.
- Bank account ledger report – Create a detailed financial ledger for any bank account or sort by individual lawyer or specific job.
No, you will not be automatically enrolled after your trial period, but you will be prompted to continue your EscrowTrakker® enrollment.
Go to settings, where you will click on My Plans and select the package you would like or choose to unsubscribe.
- Go to “Settings.”
- Select “Contact Support.”
- Send a message through the app.