In this article, you will learn how to transfer trust funds from one matter to another.
In Actionstep, you are able to re-allocate trust funds from one matter to another. You can either transfer funds between matters with the same client, or matters with different clients. To access this function, navigate to the following menu and choose from one of the two options highlighted below:
Trust -> Transfers -> Transfer Funds / Transfer Funds Between Clients
Matters with the Same Client
When transferring trust funds between matters with the same client, click on the 'Transfer Funds' option from the menu pictured above. When you select a matter for the 'From' box on the left, the system will automatically populate the 'To' box with the same matter, as per the screenshot below.
You would typically transfer funds within the same matter if the funds were moving from one trust account to another, such as from a current account to an investment account.
Alternatively, you may be moving funds from one matter to another, as per the screenshot below. Please note that this can only be done between matters with the same client/beneficiary.
After you have selected the appropriate matters and trust accounts, you can fill in the fields under the 'Transfer information' section. As with trust receipts and payments, you can also use templates to populate the 'Reason for transfer' field, and you can upload a file for reference by clicking on the button. When you have filled in all of the relevant fields, click 'Transfer' to process the transfer.
Matters with Different Clients
You can also transfer funds between matters with different clients/beneficiaries. To do this, navigate to the following menu and select 'Transfer Funds Between Clients'. The page will look almost identical, with the exception of the header. You will find, however, that even after you have chosen a matter in the 'From' box, that you can now find matters with different clients/beneficiaries to transfer to.