This article describes the fields within the Trust Transfer module.
Overview
- This module assists in the transfer of funds from Trust to Business Accounts.
- Click on the Help button from the main toolbar to get assistance.
Law Society Requirements
- 35.10.1 - Makes transfers from its trust banking account to its business banking account at least a month.
- 35.13.9 - A firm shall ensure that no account of any trust creditor is in debit.
- 35.13.11 - A firm shall immediately report in writing to the society should an account of any trust creditor be in debit, together with a written explanation of the reason for the debit and proof of rectification.
- 35.13.12 - A firm shall employ and maintain a system to ensure that the requirements of these rules are not infringed when amounts are transferred from its trust banking account to its business banking account.
Top Tips
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1. Trust Transfer Screen and Toolbar
| # | Field | Description |
| 1 | Select All | Use this option to select all the files in the Trust Transfer screen. |
| 2 | Unselect All | Unselect all the files on the Trust Transfer screen. |
| 3 | Preview | Provides a report detailing all matters selected for transfer and the available amount to transfer per matter. Where multiple banks are affected, the report will group the matters per bank. This report can be printed or exported for review and sign off before making the payment at the bank. |
| 4 | Filter options | The filter option defaults to none, but can be changed to filter by bank, matter type, account number or instructed correspondent. Click on the green/ Go arrow to apply the changes to your filter selection. |
| 5 | Transaction History | This is a quick and easy option to look at the transaction history of the matter you have selected in order to see the transactions that makes up the balances on the file. |
| 6 | Process | Click on Process to process the Trust Transfer. This will generate the payment requisitions for each bank affected, found in the Payments module. The Transfer will also be recorded in the Transfer control accounts GEN8 & GEN9. As soon as the Trust Payment and Business receipt are processed, GEN8 and GEN9 should have a zero balance. |
| 7 | Total Transfer | This will be the total for the transfer. If any changes were made to an item, remember to tab or move off the item for the changes to take effect and to update the total. |
| 8 | Account Number | This is the matter number of the file available for transfer. |
| 9 | Matter Name | This is the matter name or description. |
| 10 | Matter Owner | This shows the owner of the file. |
| 11 | Client/ Correspondent Name | This is the client or the correspondent name the matter is linked to. |
| 12 | Trust Bank | This is the trust bank account. |
| 14 | Balances | A list of the different balances are displayed here. |
| 14 | Transfer amount | This is the amount that will be transferred, the amount can be edited if the full amount cannot be transferred, for whatever reason. |
2. Trust Transfer – Settings in Practice Setup
Automate Trust transfers at statement run
If this function is selected a trust transfer will run after invoicing but before statement generation to allow for any fees or disbursements that was on the automated invoice run to first be transferred from trust to business, to ensure they are recovered before trust money is paid over to the client.
Automate Trust transfer receipts
This function needs to be setup on the financial tab in the Practice Setup module. This will automate the receipt when the payment of the transfer is processed. If this function is not selected, a manual receipt will need to be done.
Default Business bank
The business bank that the automated receipt (selected above) needs to be processed to, can be setup on the branch, on the financial tab, under the top financial section.
3. Trust Transfer – Process
- Click on the Process button once all the correct files have been selected and you are ready to proceed.
- The confirmation pop up will come up. Click on Yes to continue.
- Once the transfer is complete the printer pop up will appear. Select the correct printer and click on Print, alternatively click on Cancel to not print the document. The document can always be reprinted from stored reports or the transaction history for GEN8 and GEN9.
- GEN 8 and GEN9 will have the balance of the Trust Transfer showing. To clear this balance, the transfer payment and receipt needs to be processed.
- The trust transfer process will produce a payment requisition for each Trust bank that was affected. Go to the Payments module and process the payment from there.
- Select the Payment Requisition from the list of payments and click on View Payment or double click on the payment to open it up for processing.
- Select the option for Cheque or EFT and complete the Cheque/EFT details and click on Process.
- When the payment has been processed, the confirmation popup for the automated receipt will show. Click on Yes to process the receipt. If no was selected, a manual receipt needs to be done.
- Doing a manual receipt – only if the above option was not selected, a manual receipt needs to be done.
- Do not do a manual receipt if yes was selected in the above step.
- Go to the Receipt module and select Trust Transfer. This will default to the correct GEN9 account. Process the receipt as normal.
The GEN8 and GEN9 will have a zero balance again. If the balance on either of these accounts are not zero, it means there was a problem with the trust transfer either because the incorrect amount was paid in the bank or another mistake was made after processing the trust transfer and this needs to be corrected immediately.