Transferring Funds

In this article:

• Accessing the Transfer Screen
• Transferring Funds Between Operating Bank Accounts
• Transferring Operating Retainers between Files or Clients
• Transferring Trust Funds Between Files or Clients
• Transferring Trust Funds to Operating for Invoice Payment
• Transferring Trust Funds Between Trust Bank Accounts

There are different types of fund transfers within Legal Accounting. This guide will explain how and when they are utilized.

Accessing the Transfer Screen

In Legal Accounting, navigate to Add Entry in the main menu and select the Transfer tab. The following transfers are available in Legal Accounting:

• Operating Retainer File to File
• Operating to Operating 
• Operating to Trust 
• Trust Funds from File to File or Client to Client
• Trust to Operating 
• Trust to Trust
  
  

Transferring Funds Between Operating Bank Accounts

This section explains how to transfer funds from one operating bank account to another.

To do this:

1. Go to the Add Entry menu and click on the Transfer tab.

2. Enter Transfer Details:

   • Date: Enter the date of the transfer.

   • Amount: Enter the amount of funds you wish to transfer.

   • From Account: In the "From Account" field, select the bank account from which the funds will be withdrawn.

   • To Account: In the "To Account" field, select the new bank account where the funds will be deposited.

3. Review and change (if needed) the Cheque Mgt option on how you want to manage the cheque.

4. Click Save to complete the transfer.

Transferring Operating Retainers between Files or Clients

This section explains how to transfer operating retainer or overpayment funds from one file to another, either as a new retainer or to pay an existing invoice.

To do this:

1. Go to the Add Entry menu and click on the Transfer tab.

2. Enter Transfer Details:

   • Date: Enter the date of the transfer.

   • Amount: Enter the amount of funds you wish to transfer.

   • From Account: In the "From Account" field, select the bank account from which the funds will be withdrawn.

   • To Account: In the "To Account" field, select the bank account where the funds will be deposited.

     NOTE:  File-to-file transfers can only occur within the same bank account. 
3. Specify the source file in the Transfer From section.
   • File Number: Select the file number from which the funds are being transferred.
   • Client Number: If the source file has multiple contacts (clients) associated with it, select the specific contact whose funds are being transferred.
4. Specify the destination file in the Transfer To section.
   • File Number: Select the file number to which the funds are being transferred.
   • Client Number: If the destination file has multiple contacts (clients), select the specific contact who will receive the funds.
5. Select the invoice (Optional). If you are transferring funds to pay an outstanding invoice on the destination file, click the Select Invoice button to show all outstanding invoices for the selected client on the destination file and select it.
6. Review and change (if needed) the Cheque Mgt option on how you want to manage the cheque.
7. Click Save to post the transfer. The funds will be moved from the source file to the destination file.

Transferring Trust Funds Between Files or Clients

This section explains how to transfer trust funds from one file or client to another.

To do this:

1. Go to the Add Entry menu and click on the Transfer tab.

2. Enter Transfer Details:

   • Date: Enter the date of the transfer.

   • Amount: Enter the amount of funds you wish to transfer.

   • From Account: In the "From Account" field, select the bank account from which the funds will be withdrawn.

   • To Account: In the "To Account" field, select the bank account where the funds will be deposited.

     NOTE:  File-to-file and/or client-to-client transfers can only occur within the same bank account. 
3. Specify the source file in the Transfer From section.
   • File Number: Select the file number from which the funds are being transferred.
   • Client Number: If the source file has multiple contacts (clients) associated with it, select the specific contact whose funds are being transferred.
4. Specify the destination file in the Transfer To section.
   • File Number: Select the file number to which the funds are being transferred.
   • Client Number: If the destination file has multiple contacts (clients), select the specific contact who will receive the funds.
5. Review and change (if needed) the Cheque Mgt option on how you want to manage the cheque.
6. Click Save to post the transfer. The funds will be moved from the source file to the destination file.

Transferring Trust Funds to Operating for Invoice Payment

This guide explains how to use a client's trust funds to pay their outstanding operating invoices.

To do this:

1. Go to the Add Entry menu and click on the Transfer tab.

2. Enter Transfer Details:

   • Date: Enter the date of the transfer.

   • Amount: Enter the amount of funds you wish to transfer.

   • From Account: In the "From Account" field, select the bank account from which the funds will be withdrawn.

   • To Account: In the "To Account" field, select the bank account where the funds will be deposited.

3. Specify the source file in the Transfer From section. The Transfer To section will be grayed out in this type of transfer.
   • File Number: Select the file number from which the funds are being transferred.
   • Client Number: If the source file has multiple contacts (clients) associated with it, select the specific contact whose funds are being transferred.

4. Click the Select Invoices button to view all outstanding invoices for the selected file and client and to select them.

5. Review and change (if needed) the Cheque Mgt option on how you want to manage the cheque.

6. Click Save to complete the transaction. The specified amount will be moved from the client's trust account to your operating account, and the selected invoice(s) will be marked as paid.

Transferring Trust Funds Between Trust Bank Accounts

This guide explains how to move trust funds from one trust bank account to another. This is often necessary when closing a bank account and needing to transfer the remaining trust funds.

To do this:

1. Go to the Add Entry menu and click on the Transfer tab.

2. Enter Transfer Details:

   • Date: Enter the date of the transfer.

   • Amount: Enter the amount of funds you wish to transfer.

   • From Account: In the "From Account" field, select the bank account from which the funds will be withdrawn.

   • To Account: In the "To Account" field, select the new bank account where the funds will be deposited.

3. Specify the source file in the Transfer From section. The Transfer To section will be grayed out in this type of transfer.
   • File Number: Select the file number from which the funds are being transferred.
   • Client Number: If the source file has multiple contacts (clients) associated with it, select the specific contact whose funds are being transferred.
4. Review and change (if needed) the Cheque Mgt option on how you want to manage the cheque.

5. Click Save to complete the transaction. The specified amount will be moved from the one Trust bank to the destination Trust account.