Tip of the Week: Mastering Trust Transfers – Simplifying Financial Management

Transferring Payments from Operating to Trust Account

TimeSolv makes it effortless to allocate funds from an operating account to a trust account. Here’s how you can do it in just a few clicks: 

1. Navigate to the Entry: When entering a payment, look for the ‘Allocate/Reallocate‘ link at the end of the entry. 
2. Select Transfer Option: Click on the ‘Transfer’ option provided in the pop-up next to the ‘Allocate/Reallocate’ link. 
3. Choose Trust Account: Select the trust account where you want to transfer the funds. 
4. Complete Transaction: Hit the ‘Transfer’ button to finalize the transaction. 

Key Features:

• Flexible Transfer: Transfer funds from allocated or unallocated payments, as long as a balance amount is available for transfer. 
• Track Transfers: Trust transfers are conveniently displayed in a separate tab labeled ‘Previous Transfers,’ providing transparency and easy access to transaction history. 
• Undo Capability: Made a mistake? No worries. Navigate to the Trust screen and select the ‘Undo’ option to reverse the transfer seamlessly. 

Transferring Funds Between Matter Trust Accounts

For users dealing with multiple matters within a client, TimeSolv offers a straightforward process to transfer trust funds between matter trust accounts: 

1. Access Payment Details: Under Clients & Matters, navigate to the Invoices tab of the specific matter to view Payments, Allocations, and Balances. 
2. Initiate Transfer: Head to Payments > Trust screen and use the search feature at the bottom. Ensure the search criteria are set appropriately. 
3. Execute Transfer: Next to the desired Trust payment, click on the downwards arrow and select the ‘Transfer’ link. Specify the transfer details in the pop-up window. 

By following these steps, users can seamlessly manage trust transfers within matter trust accounts, ensuring accurate financial allocations and balances. 

Remember, trust transfers can only be performed within a client’s matters and not across clients. Additionally, if a trust transfer has been executed, it must be undone before voiding a payment from the Payments and Credits screen. 

With TimeSolv’s intuitive trust transfer features, users can optimize financial management, streamline workflows, and focus on what matters most—providing exceptional legal services to their clients.