24 Jun 2014

Create Custom Transaction Codes in TrustWorks

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TrustWorks Tip:

Create Custom Transaction Codes in TrustWorks

BMS | TrustWorks http://www.bmsadvantage.com/corporate-restructuring/trustworksAre you still trying to utilize CaseLink Office for your non-Chapter 7 cases and finding that you have to keep using workarounds that you really shouldn’t be using? If so, TrustWorks is the solution for you.

Sharing a similar interface with CaseLink Office, TrustWorks was built with the flexibility needed to administer corporate restructuring engagements – whether it is a liquidating Chapter 11 case, a receivership or any other complex distribution. TrustWorks improves on CaseLink Office for non-Chapter 7 cases by giving you more control over your ledgers. In CaseLink Office, Uniform Transaction Codes (UTCs) are locked down and are specific to categories of claims to meet the requirements set forth in Chapter 7 Handbook. However, non-Chapter 7 cases allow for custom-designed categories and ledger accounts in order to meet plan requirements. TrustWorks enables users to create these case-specific claim categories and transaction codes, allowing for powerful and easy management of multiple distributions and reporting.

TrustWorks allows users to:

  • Set up both “master” and “case” categories. These default sets of codes can be set-up and used across all cases or for a specific case.
  • Create multiple sub-categories. TrustWorks lets you create different types of codes in the same general category, allowing them to have a hierarchy.
  • Create custom ledger transaction codes. Ensures that all transaction reporting matches with the structures dictated by the Plan.

With this type of flexibility, there is no longer a need to try to fit your non-Chapter 7 cases into the dictated set of UTCs prescribed for Chapter 7 cases in CaseLink Office. TrustWorks gives you powerful control over distributions with the flexibility to create transaction codes as needed to meet the requirements of each engagement.

Contact your BMS Account Manager or Morgan Wisbey at 800-634-7734, ext 2200 to learn why TrustWorks is the right platform to use as you administer your non-Chapter 7 cases.