In Cosmolex, you can internally transfer trust funds to between matters for the same client. This feature is great if you're transferring funds between two real estate matters for real estate closings.
A few things to keep in mind when doing this:
- The transfer would need to be for the same client and both matters would need to belong to the same trust bank.
- There is no physical bank transfer going on. This is just internal trust funds accounting.
- This function will create 2 transactions automatically which will be linked.
Note: If you delete one of the transactions, the other transaction will be deleted as well.
To do this:
- Go to matter landing page > select a client matter > Click Action > Matter-to-Matter Internal Trust Funds Transfer
- In the Matter-to-Matter Internal Trust Funds Transfer window:
Date: This is the date of when the funds were transferred to the other matter.
- Amount to Transfer: The amount you want to transfer to the other matter
- Transfer From: This will show client-matter name where the trust funds are being transferred from as well as the trust ledger balance to the right of this.
- Transfer To: In the dropdown, this will show matters you can transfer the trust funds to.(only matters for that client that are linked to the same trust account). Also, to the right of this, a trust ledger balance will be shown for the matter that you choose.
When ready, click Save.
- You will see an adjustment out of the trust account as shown below:
- And an adjustment in the trust account for the other matter as shown below: