Interest Bearing Deposit Accounts and Transactions

12/12/2025
Knowledge

How To

Learn how to manage Interest Bearing Deposit Accounts in LEAP including account creation, closures, reopening closed accounts, recording transactions and reconciliation within the Trust Funds tab.

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Open a New Interest Bearing Deposit Account

Open the matter.
Click the Trust Funds > Interest Bearing Deposit Accounts tabs.
Click New Account on the toolbar.
The Matter number defaults to that of the matter you opened. To change to a different matter, click to choose a matter from the list, then click Select.

Click to open the associated matter and view its details.
Enter an Account Name.
Select the City/Town where the account is held.
Enter the Institution and Account No.
Enter the Opening Balance of the account.

Click to edit heading

You cannot open an Interest Bearing Deposit Accounts with a balance of $0. The opening balance for your Interest Bearing Deposit Accounts should equal the amount of your first receipt into that account.
By default, the Account Opened date is the current calendar date which can be changed, if required.
By default, the Payment Received date is the current calendar date which can be changed, if required.
Select a Payment Type, by clicking to choose an option from the list, then click Select.
Once you've 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 the ellipsis icon and complete the bank account details, then click OK.
Enter or select who the initial funds were Received From. You can click to choose the person from the Card List, then click Select.
Enter a Reason.
Click the Account Beneficiaries tab to enter details of additional parties.

Click to edit heading

LEAP allows the entry of a maximun of two Account Beneficiaries.
Click Save & Close.

The account and transaction will be recorded in the matter under the Trust Funds > Interest Bearing Deposit tab.

Enter an Interest Bearing Deposit Transaction

Click to edit heading

Ensure you are recording Interest Bearing Deposit Account transactions to reflect any funds deposited or withdrawn from the account.

Open the matter.
Click the Trust Funds > Interest Bearing Deposit Accounts tabs.
Select the appropriate account from the Accounts drop-down list.
Click New Transaction on the toolbar.
By default, the Matter and Account fields are automatically filled.
Enter or select the Payee/Payor of the transaction. Type directly into the textbox or click to choose the person the Card List, then click Select.
Select the Transaction Type from the drop-down list.
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 the ellipsis icon and complete the bank account details, then click OK.
Enter the Amount and the Reason for the transaction.
Enter a Transaction No. if you are not using automatic sequential numbering.
By default, the Transaction Date is today's date. Click the calendar icon to select a date that is different to the current date.
The Entry Date is always today's date and can't be changed.
Click Save & Close.

The transaction will be recorded in the matter under the Trust Funds > Interest Bearing Deposit tabs.

Reverse an Interest Bearing Deposit Transaction

Open the matter.
Click the Trust Funds > Interest Bearing Deposit Accounts tabs.
Select the appropriate account from the Accounts drop-down list.
Open the transaction.
Click the reverse icon in the top left corner.
Edit the Reason, if required.
Click Save & Close.

Reconcile an Interest Bearing Deposit Transaction

Open the matter.
Click the Trust Funds > Interest Bearing Deposit Accounts tabs.
Select the appropriate account from the Accounts drop-down list.
Open the transaction.
Click the ellipsis icon on the toolbar and select Reconciled.
Click Save & Close.

Create an EOM process for Reconciliation of IBD Accounts in NZ

Run the Interest Bearing Deposit Control Account Report to see all IBD Transactions between two dates.
Open each matter, and reconcile each Account from Bank Statement for Interest, RWT and Admin Fee as well as Credits and Debits against report and manually reconcile in Matter.
Use Interest Bearing Deposit Listing of Accounts to reconcile bank statement balances of IBD Accounts with IBD Accounts in LEAP.

Close an Interest Bearing Deposit Account

Ensure you record any Interest Bearing Deposit Account transactions to reflect the funds withdrawn from the account prior to closing and that you do not have any outstanding balances before you close the account.
If funds from the Interest Bearing Deposit Account have been transferred to your General Trust Account, make sure you record the corresponding Trust Receipt to reflect the movement of the funds.

To close an Interest Bearing Deposit Account:

Open the matter.
Click the Trust Funds > Interest Bearing Deposit Accounts tabs.
Use the drop-down menu at the top of the ledger to select the account you want to close.
Click the ellipsis icon next to the account to view the account details, such as the account beneficiaries.

The Interest Bearing Deposit Accounts window will open.
Click the ellipsis icon in the top right corner of the window and select Close account.
Confirm the action.

Reopen an Interest Bearing Deposit Account

Open the matter.
Click the Trust Funds > Interest Bearing Deposit Accounts tabs.
Select the Closed account you want to reopen with the drop-down at the top of the ledger, then click the icon.
Click the ellipsis icon on the toolbar and select Reopen account.
Confirm the action.

Open a New Interest Bearing Deposit Account

Open the matter.
Hover over the Trust Funds tab and click Interest Bearing Deposit Accounts.
Click New Account under Actions to open the New Account window.

By default, the new account is created for the current matter you opened. Clickto change the matter from the window.
Enter an Account Name.
Select the Account Type from the drop-down list.
Enter the Institution.
Select the State where the account is held.
Enter the Account Number.
Enter the Opening Balance of the account.
By default, today's date is entered in the Account Opened field.

Click to select a different date, if required.
By default, today's date is entered in the Payment Received field.

Click to select a different date, if required.
Select a Payment Type from the drop-down list.

Once a payment type is selected, the Payment Type Details window displays. Complete the relevant information in the window and click Add.

If you need to change any of the payment type details at any stage, click .
By default, the Received From is your Client.

Click to select a card from the window. You can also directly type a name and address into the Received From textbox.
Enter a Reason.
By default, the First Beneficiary is your Client.

Clickto select a card from the window. You may add a Second Beneficiary, if required.
Click Save & Close.

The transaction will be recorded in the matter under the Trust Funds > Interest Bearing Deposit tab.

Close an Interest Bearing Deposit Account

Click to edit heading

Make sure that any outstanding balances on the account are finalised before you close the account.

Open the matter.
Hover over the Trust Funds tab and click Interest Bearing Deposit Accounts.
Click on the filter to display the list of accounts.
Under Active, click next to the account.
Click Close Bank Account in the bottom left-hand corner of the window.
Click Confirm.

Reopen an Interest Bearing Deposit Account

Open the matter.
Hover over the Trust Funds tab and click Interest Bearing Deposit Accounts.
Click on the filter to display the list of accounts.
Under Inactive, click next to the account.
Click Reopen Bank Account in the bottom left-hand corner of the window.

Enter an Interest Bearing Deposit Transaction

Open the matter.
Hover over the Trust Funds tab and click Interest Bearing Deposit Accounts.
If you have multiple accounts, click on the filter to display the list of accounts and select the account.
Click New Transaction under Actions to open the New Transaction window.
The Matter and Account fields cannot be changed.
By default, the Payee/Payor field is your Client.

Click to select a card from the window. You can also directly type a name and address into the Payee/Payor textbox.
Select the Transaction Type from the drop-down list.

Depending on the transaction type selected, the Payment Type field will appear.
Select a Payment Type from the drop-down list.

Once a payment type is selected, the Payment Type Details window displays. Complete the relevant information in the window and click Add.

If you need to change any of the payment type details at any stage, click .
Enter the Amount.
Enter a Transaction No. if you are not using automatic sequential numbering.
By default, the Transaction Date is today's date.

Click to select a different date, if required.
The Entry Date is always today's date and cannot be changed.
Enter a Reason.
Click Save.

The transaction will be recorded in the matter under the Trust Funds > Interest Bearing Deposit tab.

Reverse an Interest Bearing Deposit Transaction

Open the matter.
Hover over the Trust Funds tab and click Interest Bearing Deposit Accounts.
If you have multiple accounts, click on the filter to display the list of accounts and select the account.
Open the transaction.
Click Reverse at the bottom of the Transaction window.
Edit the Reason, if required.
Click Save.

Reconcile an Interest Bearing Deposit Transaction

Open the matter.
Hover over the Trust Funds tab and click Interest Bearing Deposit Accounts.
If you have multiple accounts, click on the filter to display the list of accounts and select the account.
Open the transaction.
Toggle the Reconciled option to On.
Click Save.

Last Modified Date

12/12/2025 11:48 am

Title

Interest Bearing Deposit Accounts and Transactions

URL Name

Interest-Bearing-Deposit-Accounts-and-Transactions-NZ

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