Nota is a trust account manager that runs directly out of the user’s IOLTA account. It is provided gratis to any M&T Banking customer with an IOLTA account. It can integrate directly into your QuickBooks Online account, although, the real power comes from not needing to do this. Users write checks directly from the application, and track individual client trust accounts from within the system.
Starting Cost: Gratis with M&T Bank IOLTA account
For Accounting & Bookkeeping, the following are essential features, and you should therefore expect to see a check in every box in this section.
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Since Nota is a product of M&T Bank, it is essentially an extension of their current online banking offering. Importantly, Nota is not a software application that is simply connected to your bank account (using something like Plaid). It is tied directly into the infrastructure of M&T Bank’s online banking. Not only does this eliminate steps, but it reduces uncertainty in your (or your clients’) account balances.
Nota makes it easy to reconcile your Trust Account balance, your Client Account balances, and your internal trust account books. By maintaining the Client Account balances within the application, there are less steps to deal with in this process, and your balances remain much more up-to-date.
One of the most convenient features of Nota is the ability to write checks directly out of the system (although, you can link QuickBooks Online). As a result of this feature, since the application tracks Client Account balances, it will warn you when a check is written for more than is available.
Further, since M&T Bank built this application specifically for attorney trust accounts, Nota will warn you if a disbursed check remains un-deposited for more than 30 days,.
Nota allows for multiple user types in the system. Obviously, some users will have full privileges. However, owners can easily set-up specific accounts to only tag transactions, and not have the ability to move any money.