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Transfer from Trust to General
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There is the ability within Wise Owl to make a transfer directly from the Trust Account into the General Account to pay for invoices that your firm has issued to the client.
This Transfer of Trust to General can be accessed by going to one of two places.
Go to the Trust Register > Choose the drop down on Transfer > Choose ‘To General’
Go to the Accounting & Finance Register > Choose Transfer from Trust
Either of these options will take you to the same Transfer screen. This screen can be used in conjunction with the ‘Invoices for Trust Transfer’ Report which can be accessed under Reports > Finance Reports > Trust Transfer List.
Please note that this report is a guide only and highlights matters with outstanding invoices and money in trust. It is the User’s Responsibility to check the Trust Funds can be correctly used for payment of your law firm’s invoice.
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To start, enter in the matter that you are wanting to transfer funds for. Once you have entered this, the line will auto-populate with
The available trust balance for that matter
Any invoices that are outstanding (that have been confirmed)
Wise Owl will automatically apply the available Trust Balance to any Invoices that are available to be paid. It is up to the user to correctly ascertain if this is the appropriate amount to transfer.
Only one line can be put in per matter on a single transfer.
To see how Wise Owl has applied the transfer, you can click on the Details box
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You can also choose to apply the amount yourself by choosing the Custom option, applying your changes and then pressing save.
Custom Edits made to the application of funds will then show a purple edit image next to the line.
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