Transfer Funds from One Bank to Another - Trust Accounts

Once you have set up your new bank account in Bank Setup and created the appropriate new GL trust account associated with the Bank, you may then move the funds.

Note that in order to transfer trust funds from one bank to another, you will need to create a Voucher or Vouchers (payable out of the "old trust account bank") with a distribution line for each Client-Matter that has a trust balance using a TDS code (trust disbursement)

Make the Voucher payable to your firm for deposit into the new trust bank account, then pay the Voucher. (This step is in order to maintain an audit trail of moving the trust funds from one bank to another). Do a TDP (Trust Deposit) in AR Manager for each Client- Matter trust amount into the new trust bank account.

This will maintain a proper "in and out" on each Client-Matter from the "old bank account" to the "new bank account" and be reflected on your trust ledger reports.  The proper Bank Reconciliation transactions and General ledger transactions will all be created. The trust bank account balance for the "old bank" will be reduced when you make your TDS transactions. The new trust bank account balance will be increased when you make your TDP transactions.

Note that trust disbursements must be done out of the "original" bank into which they were deposited, and the audit trail is necessary at the Client-Matter level and bank code level, so you must enter TDS codes in your distribution lines on each Client-Matter to move funds appropriately. Do your TDP's on each Client-Matter to the correct bank.

Note that transfer of retainer funds is handled differently (you do not have to do individual entries for each Client-Matter). See Transfer Funds from One Bank to Another - Operating Account and Retainer Funds.

You need to double check that you have made your appropriate transfers and changed the AR Manager System Settings prior to attempting to cut new checks, payments, or deposits.

You will also need to double check your financial statement formats to verify that you have included any "new accounts" in their proper ranges on the financial statements so they are appropriately included in the total calculations.