Transferring Trust Funds

In this article:

• Transferring Funds Between Same Trust Client
• Transferring Funds to a Different Trust Client
• Viewing Trust Transfers

When using trust accounting in Actionstep, there may be times when you need to transfer trust funds. For example, you might want transfer from a current trust account to an investment/IBD trust account (and vice versa). Or you might need to transfer funds to another matter with the same trust client or transfer to a different matter with a different trust client. 

Transferring Funds Between Same Trust Client

You can initiate a trust transfer for the same trust client. For example, you would do this when a client wants to transfer funds to or from a trust investment account. Or, you might do this when a client has been given authority to move their trust funds from one matter to another. 

To transfer funds:

1. In Actionstep, navigate to the Transfer Funds page by doing one of the following:
   • Click Trust in the main menu and go to Transfers > Transfer Funds. 
   • View the matter and click the Trust menu icon. Then click Transfer funds in the list of options on the left. (You can also hover over the Trust menu icon and choose Transfer Funds from the menu.)
2. On the Transfer Funds page, enter the required information in the From box. If you accessed this workflow directly from the matter, this information will already be entered from the current matter. 
3. In the To box, provide the following information:
   • Matter: Enter the matter name or ID you want to transfer funds to. 
   • Trust account: Choose the trust account you are transferring to.
4. In the Transfer information section, provide the following details:
   • Amount to transfer: Enter the amount of funds you want to transfer from the current account to the new account.
   • Transfer date: Enter the date of the transfer.
   • Reason for transfer: Select the reason you are completing the transfer. You can select an existing reason or choose Other and enter a new reason in the field that appears. If you enter a reason you intend to use frequently, you can click Create new template to save that reason for use in the future.
   • Requested by: Choose the contact name who is requesting this transfer.
5. Optionally, click Please select a file next to Files to upload to attach any necessary documentation to this transfer.
   TIP:  It is a good idea to upload the client authority or email where the client gave authority for the funds to be transferred. This makes it easy for an auditor to find supporting documentation for the transaction.
6.  Click Transfer to save your changes and initiate the funds transfer.

Transferring Funds to a Different Trust Client

To do this:

1. In Actionstep, go to Trust > Transfers > Transfer Funds Between Clients. The Transfer Funds Between Clients page appears.
2. In the From box, provide the following information:
   • Matter: Enter the matter name or ID you want to transfer funds from.
   • Trust account: Enter the trust account you are transferring from.
     
     When you make these selections, the Client name associated with the matter / account is displayed, as well as the Available funds for that trust account.
     
     
3. In the To box, provide the following information:
   • Matter: Enter the matter name or ID you want to transfer funds to. 
   • Trust account: Choose the trust account you are transferring to.
     
     When you make these selections, the Client name associated with the matter / account is displayed, as well as the Available funds for that trust account.
     
     
4. In the Transfer information section, provide the following details:
   • Amount to transfer: Enter the amount of funds you want to transfer from the current account to the new account.
   • Transfer date: Enter the date of the transfer.
   • Reason for transfer: Select the reason you are completing the transfer. You can select an existing reason or choose Other and enter a new reason in the field that appears. If you enter a reason you intend to use frequently, you can click Create new template to save that reason for use in the future.
   • Requested by: Choose the contact name who is requesting this transfer.
5. Optionally, click Please select a file next to Files to upload to attach any necessary documentation to this transfer.
   TIP:  It is a good idea to upload the client authority or email where the client gave authority for the funds to be transferred. This makes it easy for an auditor to find supporting documentation for the transaction.
6.  Click Transfer to save your changes and initiate the funds transfer.

Viewing Trust Transfers

You can view a list of trust transfers. 

To do this:

• In Actionstep, go to Trust > Transfers > Transferred Funds List.