Easysoft legal software, a leader in the field of specialized real estate software is pleased to announce an integration with RhnohLive, a web-based platform that securely integrates the attorney’s escrow account with their online banking platform.
Real estate attorneys are required to have a trust account to keep their client’s money segregated from the broker’s money. This ensures that any money the client wishes to use for a real estate transaction remains in a secure account only accessible to the client or the broker.
With this integration, Easysoft clients can now access RynohLive for real-time 3-way reconciliation, real-time banking, and fraud protection. That means every matter (Ledger within a matter), created will be linked to a bank from the attorney’s bank list. RynohLive connects to Easysoft to retrieve the transaction information every 10 mins and connects to the online banking software every 10 mins TO track the status of the transactions.
Why 3-way Reconciliation is Important for Real Estate Attorneys
As the name suggests, 3-way reconciliation balances three things. It balances the attorney’s internal books against their trust account bank statement. Then, it reconciles individual balances of all the firms matters with internal book and bank balances.
Contrast this with an ordinary reconciliation in which attorneys simply balance their books against their bank statements. The per-matter balancing act adds a crucial step-and if they don’t have the right software, it’s a time-consuming one, too.
A 3-way reconciliation for the attorney’s trust or escrow account is truly the only way to know what is happening in the trust account and because all of the firm’s balances are being broken down by matter, it can help with auditors who might be looking for discrepancies.
How software solves complex calculations and reduces errors
All real estate closings involve massive amounts of paperwork and complex calculations, often leaving attorneys and their staff feeling like accountants rather than legal professionals. Closings start with
Starting the closing process with the 5-page CD (Closing Disclosure, required by the Consumer Financial Protection Bureau, CFPB), means entering a core set of numbers that help determine closing costs, cash needed to close, amount to be borrowed, etc., as well as entering client data, which, once centralized can be carried throughout all the required documents.
Practicing Real Estate means accuracy, reliability, and compliance to ‘get’ the numbers right.
Software, like Easysoft legal software, is designed to help collect data once and then cascade that data throughout the closing documents. When numbers change during the closing, the entire Closing Disclosure (CD) needs to be recalculated and that’s where time and effort can get derailed and where costly mistakes can occur.
Easysoft is compliant, reliable, and trusted software that allows real estate attorneys and their staff to work anywhere, anytime. The web-based software helps improve efficiency for law firms, especially solo and small firms, by offering a central data collection feature that helps improve the speed of processing closings and reduces errors. Founded in 1986, Easysoft boasts a long history of serving the needs of attorneys and paralegals who need essential software for their essential needs. The software also
Easysoft Legal Software is a subsidiary of Leap Legal Software.
If you would like more information about Easysoft Legal Software, or would like to see the product and want to schedule a personal demonstration, please contact Mark Afonso, Product Consultant at 1-800-905-7638 extension 1, or email mark-afonso@easysoft-usa.com or click here to schedule your demonstration around your schedule https://calendly.com/mark-afonso/easysoft-legal-software-demo