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Tabs3 Trust Accounting SoftwareTabs3 Trust Accounting

Overview | FAQ

Yes, 1099s can be prepared either by the Firm as a payer, or by the Trust Account holder as payer. When the firm is the payer, 1099 information can be combined with your accounts payable information to create a combined 1099 form or electronic file.

Clients can be configured to show just the Trust Account balance as of the statement date, all of the activity between the previous and current statement date, or to exclude Trust Account information. Additionally, clients can be configured to request a replenishment of trust Funds if the account drops below the recommended balance.

Yes. When creating a transaction in Tabs3 Trust Accounting, you will be notified if you fall below the minimum balance. Further, replenishment of Trust Account balances can be configured to automatically show on client's statements.

Tabs3 Trust Accounting can print ledgers showing the activity for each Trust Account, or print a combined ledger showing all activity for each bank account. Additionally, a Three-way report can be run after reconciling to demonstrate that the sum of the Trust Accounts matches the activity on the Bank Account plus any outstanding activity.

Tabs3 Trust Accounting does not limit the number of Trust Accounts you can track. However, each Trust Account can have only one account open for each Bank Account.

Tabs3 Trust Accounting is limited to 99 Bank Accounts. Keep in mind that you can assign as many clients as necessary to each bank account so this should not pose a problem for most firms.

Tabs3 Trust Accounting can import transactions in the following formats, which can be created by the majority of banks that provide online banking options:

  • OFX - Open Financial Exchange file
  • QFX - Quicken Financial Exchange file
  • QBO - QuickBooks Financial Exchange file

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