Trust Accounting Q&A: Transferring Between Trust Accounts

March 2023    Tags: Trust Accounting

I need to transfer money from one trust account to another trust account. How do I record the process in Tabs3 Software?

We recommend using positive and negative EFT transactions to transfer the amount from one account to another. A positive EFT will reduce a trust balance, whereas a negative EFT will increase a trust balance.

To transfer funds from one trust account to another

1. In the Quick Launch, search for and select “Trust Transaction Entry.”
2. Enter an EFT to remove the funds from one trust.
   1. Select the Trust ID from which you want to remove funds.
   2. Select a Type of EFT.
   3. In the Amount field, enter a positive amount.
   4. Enter any other information as needed.
   5. Press Ctrl+S.
3. Enter an EFT to deposit the funds to another trust.
   1. Select the Trust ID to which you want to move funds.
   2. Select a Type of EFT.
   3. In the Amount field, enter a negative amount.
   4. Enter any other information as needed.
   5. Press Ctrl+S.