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Incoming funds
Incoming funds are payments received by your firm or that are expected to be received from a client or another source that increase the balance of a matter.
The following are the 4 ways you can add incoming funds:
Expected Funds
Expected funds are transactions that have been added to Nojumi but have not yet occurred in your bank account. These transactions help track money that is expected to be received in the future. Nojumi monitors your bank account for matching transactions and will notify you when a match is detected. Expected transactions only affect the projected balance of a matter and do not impact the actual balance until the transaction has occurred. Because they only affect the projected balance, expected funds are displayed in blue on the matter transactions page.
The difference between actual and expected transactions can be explained more with this link.
Received Undeposited Funds
Received Undeposited Funds are payments that your firm has received related to a matter but have not yet been deposited into your bank account. This can include payments received by cheque, cash, email transfer, or other payment methods. Once recorded in Nojumi, the funds will appear in yellow, indicating that the payment has been received but has not yet been matched with a bank transaction. Received undeposited funds increase the actual balance of the matter and should later be matched with the corresponding deposit in your bank feed once the funds have been deposited into your account.
Request Trust Funds
Request Trust Funds allows your firm to send a credit card payment request directly to a client for funds that will be held in Trust. Once the request is created, Nojumi records it as an expected incoming fund until the payment is completed and matched with the bank transaction. Clients receive an email with a ‘Pay Now’ option, allowing them to securely enter their payment information and complete the transaction online. To use this functionality, the Moneris integration must be set up on your account.
Deposit
The Deposit feature is used to record funds that have already been deposited into your bank account.
Similar to Received Undeposited Funds, a deposit also increases the actual balance of a matter. The main difference is that Nojumi tracks Received Undeposited Funds as undeposited until they are matched with a transaction in the bank feed. As a result, unmatched Received Undeposited Funds appear in the Outstanding Deposits section of the reconciliation formula.
The Law Society of Ontario requires trust funds to be deposited into a trust account within 24 hours of receipt. Because of this, the Received Undeposited Funds feature is a useful way to track funds that have been received but not yet deposited. As a general rule, it is recommended to use Received Undeposited Funds for payments such as cheques or cash that have been received but not yet deposited, and use the Deposit feature once the funds have already been deposited into the bank account.