Setting Up Your Statutory Deposit Account

04/02/2022
Knowledge

How To

Under Section 46 of the Legal Profession Uniform Law Application Act of 2004, you may be required to have a statutory deposit account at an authorised deposit-taking institution (ADI) to deposit money with the Law Society. Law firms must deposit an amount from their general trust account into the Law Society's statutory deposit account each year. The Law Society holds the deposited money in trust for the law firm and must repay it on demand.

A statutory deposit is also known as a:

prescribed deposit account in Queensland
combined trust account in South Australia
legal contribution trust in Western Australia.

Desktop

Set Up Your Statutory Deposit Matter

From the LEAP Matter List, click New Matter.

The New Matter window will open.
On the Matter Type tab, select the relevant State then set the matter type as Miscellaneous.

The Miscellaneous matter type can be found under Practice Management > Miscellaneous.
Click OK.
Enter a generic Matter No, e.g. 999999.

Click to edit heading

If you have auto matter numbering enabled, it will need to be disabled before you can manually enter the number.

Click OK.
Create the Client card as the relevant Statutory Authority in the State.
Click Save & Close.

The Matter will open in a new window.
Click Save & Close.

The matter will be saved and appear on your LEAP Matter List.
From the LEAP Matter List, click the LEAP Menu > Settings > Application Settings.

The LEAP Application Settings will open in a new window.
Click Matters > Statutory Deposit Matter Number.
Enter the Matter Number you created above.
Click Save.

Make a Statutory Deposit to the Law Society

Open the Statutory Deposit Matter.
Click the Trust Funds > General Trust tabs.
Click New Payment on the toolbar.
By default, the Bank Account will populate with your Default Trust Account.

Click to change the Trust Account if required.
Enter or click to select the relevant Statutory Authority in the State for Pay To.

The selected Pay To will also populate the Address field.
Choose a Payment Type by clicking and choosing an option from the list, then click Select.

Once you have chosen the Payment Type and depending on your selection, you may want to enter the Payment Type Details which may automatically display for you to complete. If not, click then complete the bank account details fields. Click OK.

Tick the Payment Sent checkbox if required
Enter a Payment No. if you are not using automatic sequential numbering.
Enter or click to select a Transaction Date.
The Entry Date will always display the current calendar date and cannot be changed.
In the first row of the table, click the Matter No. cell.

The Statutory Deposit Matter number will display.
Click the Reason cell to type a description in the textbox that will appear for the Statutory Deposit matter.
Enter the Amount.
Click Save & Close.

Enter a Receipt from the Law Society for a Statutory Deposit

Open the Statutory Deposit Matter.
Click the Trust Funds > General Trust tabs.
Click New Receipt on the toolbar.
By default, the Bank Account will populate with your Default Trust Account.

Click to change the Trust Account if required.
By default, the Received From will populate your Client card details which should be your relevant Statutory Authority in the State.

Enter or click to select the relevant Statutory Authority in the State if required.
Choose a Payment Type by clicking and choosing an option from the list, then click Select.

Once you have chosen the Payment Type and depending on your selection, you may want to enter the Payment Type Details which may automatically display for you to complete. If not, click then complete the bank account details fields. Click OK.

Click to edit heading

If the Payment Type is either Cheque or Cash, you can save time by preparing the Bank Deposit at the same time as saving the receipt.

Click the drop-down arrow next to the Save & Close button then select Save & New Bank Deposit.

Enter a Receipt No. if you are not using automatic sequential numbering.
Enter or click to select a Transaction Date.
The Entry Date will always display the current calendar date and cannot be changed.
In the first row of the table, click the Matter No. cell.

The Statutory Deposit Matter number will display.
Click the Reason cell to type a description in the textbox that will appear for the Statutory Deposit matter.
Enter the Amount.
Click Save & Close.

Last Modified Date

4/02/2022 1:23 pm

Title

Setting Up Your Statutory Deposit Account

URL Name

Setting-up-your-statutory-deposit-account

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