Trust Accounting Q&A: Transferring Trust Funds between Matters

March 2020    Tags: ,

We have a client that has multiple matters. One of the matters has completed its work, but has excess trust monies. The client has authorized moving the money to another trust account. What is the best way to perform this transfer?

Situations where money isn’t truly leaving the bank account in question, but is just being moved between associated trust accounts, can be performed by entering EFTs to show the transfer process.

To enter an EFT to remove money from an account

  1. From the File menu, point to Open and select Transaction.
  2. Enter the Trust ID from which you want to move the funds.
  3. In the Type field, select EFT.
  4. Enter the Amount that you want to transfer.
  5. Press Ctrl+S.

You can now deposit the amount of the transfer into the desired trust account.

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