Trust/Business Transfer
The Trust-Business Transfer Report encompasses all files with debited fees/commissions and also those potentially having a trust deficit. It generates a report highlighting the trust funds eligible for transfer into the business account.
1. Click on Accounting on the Main Menu.
2. Click on TB Transfer
3. Under the TB screen menu, click on Trust/Business Transfers.
4. Trust/Business Transfer screen will open. The T-B Transfer may only be processed once a day.
- Red Items: Rows highlighted in red signify a trust deficit within the file. This deficit will be offset against any surplus income earned.
- White items: Rows highlighted in white signify a trust surplus within the file, encompassing all fees and commissions debited from the last T-B transfer processed.
5. Select the transactions by ticking the rows.
6. The Selected Transfer value will be calculated.
7. Click on the Process button.
8. Type in a Transfer Reference (e.g., 2023/10/24 TRB001) and click Save.
9. Trust-Business transfer will process and save a report to the device.
If there was a balance in the Trust Trail Balance, then PropWorx will add the Selected Transfer Value and Trust Trail Balance Trust Trail Balance together. The lump sum total will become the new Trust Trail Balance.
10. Depending on the Trust Trail Balance amount, user may be required to transfer from the “trust to business” or “business to trust”.
- Surplus (GREEN): then the balance is transferable to the business account from trust.
- Deficit (RED): then the balance is transferable to the trust account from Business.
11. Log onto online banking and create an inter-account transfer between the trust to business for the transfer value.
12. Use TRB001 as a transfer reference for auto allocation. It is important, that the transfer is allocated to TRB001 when importing the bank statement.
View Previous Trust-Business Transfer reports
The Trust to Business Transfer Report displays all T-B transfers that have been processed within the chosen date range.
1. Click on Accounting on the Main Menu.
2. Click on T-B Transfers
3. Under the Payment Process menu, click on T-B Report.
4. Trust/Business Report screen will open.
5. Modify the date range if necessary, and the report will automatically populate.
- Red Items: Rows highlighted in red signify a trust deficit within the file when the T-B transfer was processed.
- White items: Rows highlighted in white signify a trust surplus within the file when the T-B transfer was processed.
6. Export Report as required.
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