This option allows auto-transferred funds to be disbursed as a transfer when the destination ledger and originating ledger share a bank account, instead of disbursing as a wire or check. Utilizing this option will allow funds to be disbursed as transfers, which means there won’t be outgoing and incoming entries on the reconciliation for the account that didn’t occur at the bank, as there would be if the funds were disbursed as wires or checks. If the originating and destination ledgers don’t share the same account, funds will be disbursed as a check or wire, since money will need to be moved between accounts.
Some notes about this option:
Resware recommends using different bank accounts for settlement, remittance, recording fees, and trust funds. This is generally what underwriters prefer, as it keeps their remittance funds and funds designated for other uses separate from the funds to be used for closings. In Resware, utilizing separate accounts means that the trial balance for the settlement account truly reflects files that are out of balancing due to settlement-related issues. If a single account is used for more than just the settlement ledger, the trial balance report will show each ledger separately; the file will not have a balance in the settlement ledger section, but will have a balance in the remittance ledger section, which makes for a longer and potentially more cumbersome trial balance report and more research and explanation during an audit.
Admin/Partners/Edit Partner/Vendor Management/Auto-Transfer
- Select the Office and the originating Ledger.
- Select the desired ledger in the Transfer To section.
- Check Use Transfer Instead of Wire when Using Same Bank Account.