Linking a trust account

It is our strong recommendation that if you manage IOLTA trust accounts, you use the paid version of MONESQ, which offers a more robust set of features to help you manage your IOLTA trust account in compliance with regulations.

The free version of MONESQ, while not offering our full trust accounting features, does allow you to link a trust account, create invoices to trust, and receive payments to trust electronically.  Linking your trust account will require another merchant application.

Introduction

Setting up a trust account in MONESQ involves connecting two accounts; your trust bank account and the account you wish to use for transaction fees. This is because transaction fees cannot be withdrawn from your trust account for compliance reasons. Transaction fees for payments made to your trust account will be withdrawn monthly from the fees account you select, and will include an itemized list of the invoices the fees are related to.

Setting up a trust account 

From the settings menu

To integrate a trust account from settings:

1. Select “Settings” from the left menu:

2. Select the Accounts tab:

3. Click the arrow next to the 'Link trust account' tile and enter your trust bank account information. When ready, click 'Link your trust account':

4. Next, you will need to select the bank account you would like to use for transaction fees, since those cannot be deducted from your IOLTA account.  On the provided screen, Enter your email address, and your full name.  Then search for your bank and select it. Once you have selected it, click 'Submit' to continue:

You will receive a pop-up notification. Click 'Agree and continue' to proceed:

You will then be presented with a list of your accounts with that bank. Select the account you wish to use for transaction fees. Please be careful not to select your Trust bank account. Click 'Continue'.

You will receive a confirmation screen indicating the name of the account you have chosen. Click 'Continue with Monesq' to complete the process: