This article covers how to transfer Trust Funds held in the Trust Account to pay an Accounts Receivable bill. The Trust transfer to Pay Bills transaction type, is used to transfer the funds from the trust bank to the general bank in payment of the outstanding bill.
Two methods to access this transaction type:
Option 1
To Pay an Accounts Receivable Bill using Trust Transfer:
- Click on Transactions > Trust > Transfer Trust to Pay Bills, or
2. Click on Client & Matters > New Transaction > Transfer Trust to Pay Bills
Option 2
To Pay an Accounts Receivable Bill using Trust Transfer:
- Click on Transactions
- Click on Trust
- Select Trust transfer to pay bill
- Date - Enter the transaction date or select by clicking on the calendar
5. Client / Matter - Select or Enter the Client/Matter
6. Bank - Select or Enter the Trust Bank from which the Trust Funds is to be paid out of
7. Memo - Enter the description/Memo for the transaction
8. Amount - Enter the total amount of the trust transfer
9. Bill/Ref Num - Select the bill to be paid by the Trust Transfer
10. Payment - Enter the amount to transfer per bill (See Tips below)
11. Fee Allocation - Select the appropriate Fee Allocation Method if the default allocation is not accepted. Manual allocation available for pro rata trust transfers for distribution of funds.
12. Click on Save
Note:
- You can continue to repeat the above steps to enter multiple transactions so long as they are in the same month.
13. Post & Close - Click to process the transaction/s. Refer to article How to Write a Trust Transfer Cheque.
Tips:
- When entering an amount, enter an amount that matches the total of an existing bill and it will automatically fill in that distribution line.
- The total amount of the trust transfer to pay bill cannot be more than the bill or the available trust funds in that bank.