When you receive trust fund, the Law Society's By-Law 9 requires you to deposit the fund in your trust account no later than the next banking day. You should also make sure to record the information required by By-Law 9 on your deposit slips.

The following information is required by the Law Society to be recorded on you deposit slips:

• date of the deposit
• your firm's name if it is not preprinted
• your bank account number if it is not preprinted
• source of each receipt
• related client
• amount

If you make deposit at the counter, make sure the teller stamp the deposit slip. If you use an automated teller machine, attach the ATM receipt to the corresponding deposit slip.

Time saving tips:

Order some deposit slips that have your firm's name and account number preprinted so you don't have to write it over and over

If you use outside law firm bookkeeper like us to help you, write it clearly. It is more time consuming if the bookkeeper has to keep chasing you for clarification. And it is also easier to survive a spot audit if the deposits slips are clear and clean.

Record the information as soon as you receive the trust fund. It is quicker when the memory is fresh. It is easier to miss something if you have to do it in a hurry to your bank.