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Trust Transfer

2 min read

Trust transfer gives the user the ability to transfer the funds in one click.
*Please note that this screen does not transfer the actual funds, you still need to use your banking app, this screen generates the accounting transactions for this transfer. Why should Law firms transfer the earned Trust Funds in bulk instead of as they are applied?

Bulk transfer gives you the ability to transfer earned Trust Funds at once. This way as a law firm, you do not need to move the money as each invoice is paid, and it gives your accounting team an extra opportunity to verify trust transaction details before transferring funds.

  • Navigate to the Trust Management App
  • Click the Trust Transfer tab
  • On the new Trust Trust dialog box enter the Trust Bank from where you want to transfer the money. 
  • Click Next to go to the next dialog box, which will show you all the transactions from the selected Trust banks which are not transferred yet.
  • Click on the plus sign to select the transactions that you want to transfer, once you click the transaction, the system will change the plus sign of that transaction to the checkmark sign, also the total field at the down left corner gets updated.
  • Once selected all the transactions, click the Transfer button.
  • The Transfer button will open the dialog box, which will give you the ability to put
    the rest of the details.
    • To: Select your operating account where you want to transfer the funds.
    • Transfer Date: The Date you want to transfer this amount
    • Reference: You can put the reference for your internal records, this is a
      free-form text field
    • Payment Method: Currently there are 2 options – Wire transfer or Check
      • Wire Transfer: Selecting Wire transfer will automatically generate the Journal entry of this transfer behind the scenes. That will credit your Trust account (selected in from lookup) and debit the operating account ( selected in the To lookup).
      • Check: Select payment method Check will generate a disbursement record from the Trust payable to the Law firm. Users need to enter the receipt of this when they deposit this check in the system.

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