Transfer Funds Between Ledgers

  • Updated

For our Asia-Pacific customers, the term "Trust Account" is used, while European customers refer to it as "Client Account". It's important to mention that the Client/Trust Accounting functionality does not apply to customers in North America. For further information on regional terms, check out our Glossary of Regional Terminology.

Whether you are managing the finances of properties with the same owner or need to journal money between ledgers, knowing how to transfer funds efficiently is crucial. This article will guide you through the process of ledger-to-ledger fund transfers within your accounting platform, ensuring a smooth and accurate financial management experience.

Navigating to Transfer Options

Transferring between ledgers can be accomplished in two sections:

  1. Navigate to the Ledgers List by heading to the Client/Trust Accounts tab and selecting the Owner Ledger Balance link.
  2. Locate and click on the Transfer button accessible from this page.

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Alternatively, you can transfer funds by:

  1. Going to the Client/Trust Accounts tab
  2. Click on the [...] Contextual Menu icon and select Transfer funds.

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Detailed Steps for Completing a Fund Transfer

To ensure the transfer is processed correctly, please follow these detailed steps:

  1. Select the Ledger and Account from which the funds are to be withdrawn.
  2. Choose the Ledger and Account where the funds will be deposited.
  3. Input a suitable Description For this Transfer to help keep your records clear.
  4. Determine the Tax Type relevant to the transaction, if applicable.
  5. Enter the Amount to Transfer, ensuring the total is inclusive of any tax.
  6. Once all information is accurate, click Save to complete the transfer.

Note: The transfer you just completed will not appear under the related Income or Expense Chart of Account. Instead, look for it in the Transfers section of the Financial Summary/Owner Statement.

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