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How To: Move Trust Funds Between Clients/Matters
How To: Move Trust Funds Between Clients/Matters

Migrating trust funds from one Client or Matter to another

Jay Sanchez avatar
Written by Jay Sanchez
Updated over a week ago

Say a Matter has recently concluded, but there are still funds available in IOLTA. Your Client would like to migrate those funds to a new Matter, instead of receiving that remaining balance. How does LeanLaw handle that?

We'll actually start by jumping in to QuickBooks Online 🟒

Step 1: Create a Journal Entry within QBO. This will be our main and only transaction for this action.

Step 2: Debit the liability account the funds are coming from, and debit the liability account the funds are going to. In this example we're moving funds out of "Sigmond's Cinnamonds", and in to "Shawn's Steaks" πŸ₯©

Note: Don't forget to select the sub-account for the specific Matters that you're moving funds between.

Step 3: Save the transactions, and you're set! πŸ‘

We don't actually move the funds within the IOLTA bank account, only where those funds are allocated. Once you've finalized the Journal Entry, LeanLaw will pick up the change and show those new funds under the Client/Matter.

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