Setting Up Your Special Fund Account

28/10/2022
Knowledge

How To

Under Part 9 of the Lawyers and Conveyancers Act 2006, you may be required to have a special fund account at an authorised deposit-taking institution (ADI) to deposit money with the Law Society.

All money belonging to the Fund shall, pending its application or investment in accordance with this Part of this Act, be paid into a bank to the credit of a separate account to be called the New Zealand Law Society Special Fund Account.

Desktop

Set Up Your Special Fund Matter

From the LEAP Matter List, click New Matter.

The New Matter window will open.
On the Matter Type tab, 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.

For more information on matter numbering, click here.

Click OK.
Create the Client card as the relevant Statutory Authority.
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 > Special Fund Matter Number.
Enter the Matter Number you created above.
Click Save.

Make a Special Fund Deposit to the Law Society

Open the Special Fund 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 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 Special Fund Matter number will display.
Click the Reason cell to type a description in the textbox that will appear for the Special Fund Matter.
Enter the Amount.
Click Save & Close.

Enter a Receipt from the Law Society for a Special Fund Account

Open the Special Fund 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.

Enter or click to select the relevant Statutory Authority 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 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 Special Fund Matter number will display.
Click the Reason cell to type a description in the textbox that will appear for the Special Fund Matter.
Enter the Amount.
Click Save & Close.

Last Modified Date

28/10/2022 4:06 pm

Title

Setting Up Your Special Fund Account

URL Name

Setting-Up-Your-Special-Fund-Account-NZ

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