Auto-transferring funds from the sub-escrow ledger to another ledger will automatically create a receipt on the receiving ledger for the amount being transferred, rather than the user having to manually create the receipt. The funds will still need to be sent, by check or wire, to the corresponding account at the bank, unless the two ledgers share the same account and the option for Use Transfer Instead of Wire when Using Same Bank Account is enabled.
This demonstrates how to automatically create a receipt on the receiving ledger for the amount being transferred when the funds are disbursed from the sub-escrow ledger.
Enable the Option on the Partner
Admin/Partners/Edit Partner/Vendor Management/Auto-Transfer
- Select the Office and the sub-escrow Ledger.
- Select the appropriate receiving Ledger.
- If the funds should be disbursed as a wire and users shouldn’t get a pop-up about how to disburse the funds when using Disburse All, go to Admin/Partners/Default Wire Info and check the options for Default to Wire when Disbursing and Don’t Show Popup when Using “Disburse All.”
- If this option isn’t selected, funds will be disbursed as checks when using Disburse All.
Example on a File
- Disburse the funds to the partner edited above using Disburse Single or Disburse All.
- The funds will be disbursed from Sub-Escrow as a check, wire, or transfer, depending on the settings on the partner.
- The user disbursing the funds will be notified that the funds were auto-transferred.
- The funds will be automatically receipted into Remittance, Recording Fees, or Trust, depending on the settings on the partner, when the funds are disbursed.