Switching Trust Banks

Introduction

If you have decided to switch trust banks, you will need to transfer funds from the old trust bank account to the new trust bank account. In CosmoLex, transferring the trust balance must be done on the matter level and can be done with a Matter to Matter Internal Trust Fund Transfer.

Add Your New Trust Bank Account

  1. Start by adding your new bank account under the Accounting Section. If you don’t know how, see Add and Manage Bank Accounts
  2. Next, you will have to relate your new bank account to the matter(s) that will be affected. This will have to be done for each matter.
    1. Start by clicking on the Matters Tab on the left-hand menu 
    2. Single-click to select the desired matter, and click Edit 
    3. In the Trust Bank section, click Add New Bank, and select the new Trust Bank Account from the list 
    4. To the right, change the Default Trust Bank to the new bank account 
    5. Click Save on the top right to save the changes on the Matter

Transfer Balance from Old Bank to New Bank

To Transfer the balance, you will create a Matter to Matter Internal Trust Fund Transfer

  1. Start on the Matters Tab 
  2. Select the Matter you wish to work with 
  3. Click Action > Matter to Matter Internal Trust Fund Transfer 
  4. Complete the Matter to Matter Transfer wizard (see below for more information)
  5. Click Complete Transfer

Complete Matter to Matter Transfer Wizard

On the introduction window, click Next to continue

On the Provide Transfer Details window

  1. Enter Amount you wish to transfer
  2. Select the bank account you wish to transfer from (old bank account)
  3. Select the same matter as the ‘from’ matter
  4. Select the bank account you wish to transfer to (new bank account)
  5. Click Next

On the Additional Information window

  1. Select the appropriate date of the transfer
  2. Verify Type, and select Method
  3. Enter Ref # if applicable
  4. Verify Payee Information
  5. Verify Memo is correct for internal record-keeping 

On the Review… window

Ensure the information is correct, and click Complete Transfer

All set! When reviewing your trust transactions for the matter(s) affected, you will see adjustments.

Trust Transfer Record Report

When transferring multiple matters’ balances to another bank account, we recommend that you run and review the Trust Transfer Record report to verify the amounts and totals for your transfers. 

This report is located under Reports > Trust > Trust Transfer Record

Reconcile and Close

Now that the transfer is completed, and you have verified amounts through the Trust Transfer Record report, you’ll want to:

Updated on September 6, 2018

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