Setting Up Your IOLTA Interest Matter

Feb 3, 2022
Knowledge

How To

The IOLTA interest matter is an administrative matter to record trust funds lodged with your law society, institute or legal practice board.

Desktop

Set Up Your IOLTA Interest 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 file numbering enabled, it will need to be disabled before you can manually enter the number.

Click OK.
Create the Client card as the relevant State Legal Services Trust Fund Commission.
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 > IOLTA Interest Matter Number.
Enter the Matter Number you created above.
Click Save.

Check to the IOLTA Interest Account

Open the IOLTA interest matter.
Click the Trust Funds > Trust Accounts tabs.
Click Make 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 State Legal Services Trust Fund Commission for Pay To.

The selected Pay To will also populate the Address field.
Choose a Payment Type by clicking then Select a Check type.
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 IOLTA Interest matter number will display.
Click the Reason cell to type a description in the textbox that will appear for the IOLTA interest matter.
Enter the Amount.
Click Save & Close.

Receive Payment to the IOLTA Interest Account

Open the IOLTA interest matter.
Click the Trust Funds > Trust Accounts tabs.
Click Receive Payment 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 State Legal Services Trust Fund Commission.

Enter or click to select the relevant State Legal Services Trust Fund Commission 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.

Tick the Payment Sent checkbox if required

Click to edit heading

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

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

Enter a Reference 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 IOLTA interest matter number will display.
Click the Reason cell to type a description in the textbox that will appear for the IOLTA interest matter.
Enter the total Amount.
Click Save & Close.

Last Modified Date

2/3/2022 8:07 PM

Title

Setting Up Your IOLTA Interest Matter

URL Name

Create-an-IOLTA-interest-matter

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