LIV Trust Accounting

What LIV Trust Accounting is

LIV Trust Accounting is an online trust-recording system for law practices to record trust accounting transactions. It handles receipts, payments and transfers, and provides bank reconciliation, reports and client contact details. Client ledgers and compliance reporting are also included. The Law Institute of Victoria says the service complies with current legislation in the user's jurisdiction. It runs in a system browser on Mac or PC without installation; Chrome is recommended for optimal performance. A practice can provide up to 20 users with read-and-record or read-only access, and an External Examiner can receive read-only access to practice records. The maker describes secure website access and daily data backups. LIV member subscription costs A$77 a month, while the non-member or interstate association subscription costs A$93.50 a month; each supports up to 20 users and includes GST. Practice setup is a separate 385.00 AUD once and includes setup and training, account access for up to 20 users, up to two hours of training for two users and a software manual. The service also includes Help Desk access, an online manual and automatic system updates at no additional charge. After cancellation, a once-off $550 (incl GST) fee applies; data is retained for seven years and remains accessible but cannot be changed.

Who it suits

LIV Trust Accounting is suited to law practices that need to record trust transactions, reconcile banks and provide reporting. It also fits practices that need access for as many as 20 users or read-only access for an External Examiner.

Limits

Each subscription supports up to 20 users. After cancellation, a once-off $550 (incl GST) fee applies, and data remains accessible but unchangeable for seven years.

Getting started

1. Open the LIV Trust Accounting website.
2. Choose the LIV member or non-member/interstate association subscription.
3. Arrange the separate practice setup if needed; it includes account access and training.
4. Access the service through a system browser on Mac or PC; Chrome is recommended.
5. Use the online manual, Help Desk and demonstration videos for guidance.

Verdict

Choose LIV Trust Accounting if your law practice needs browser-based trust transaction recording, reconciliation and compliance reporting with access for up to 20 users. Consider the subscription and cancellation fee before choosing it, particularly if you may end the service.