Unlike the trust journal, which only moves funds from one file to another within the same account, the trust account transfer (transaction number prefix TA) is used to transfer funds between different trust accounts.

 

 

The directionality of the transaction is fixed; funds can only be transferred (debited) to one file, while on the other side they may be drawn (credited) from many files.

 

The most typical use of this activity is to move funds from the primary trust bank account to a controlled money account, and vice-versa.

 

As with the trust transfer activity, the trust account transfer encapsulates two separate transactions; one to credit the funds from the source account and the other to debit the funds to the destination account. Both transaction numbers are displayed when you open the transaction. Since they record the receipt of funds to the destination account, all trust account transfers are assigned a receipt number.

 

Once authorised, the particulars of a trust account transfer cannot be edited.