Trust accounts are GL Accounts containing assets and Liabilities that are held & managed by your organization as a Trustee. These assets and liabilities are not property of your organization and should remain separate from your own financials. The following list contains common uses cases for Trust Accounting: 

  • Managing Investments
  • Carriers in the Insurance industry
  • Managing Accounts in the Legal industry
  • Consignment  

The best way to handle Trust Accounting is to utilize our Accounting Variable functionality. Using an  Accounting Variable you can keep separate your Trust accounting and in house accounting for your business and report on them in the same org. You are going to want to use one of your variables to manage your Trust accounts but also include your business as well.

For example, please see the image below. In this case your own company is represented as "Accounting Seed" and your Trusts are represented as "Trust 1-4":


One of the benefits to using an Accounting Variable to track Trusts is that you can run reports on the Trusts right out of our Financial Reporter.

When setting up the criteria to run the report you have the option to filter the report to only show information around that Variable (Trust)



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