Managing Trust Account Transactions

After you set up a trust account, you can use the account to perform transactions. Transactions include depositing, withdrawing, and transferring money. You can also make adjustments to a trust account as needed.

Topics

Depositing Money into a Trust Account

One of the first transactions performed on a trust account is depositing money. You can deposit money into an active trust account at any time.

To deposit money into a trust account

  1. Access the Trust Account portlet (Navigating to the Setup Portlet).

  2. Select the trust account that you want to edit.

    Civic Platform displays the Account Detail tab on the Trust Account form portlet.

  3. Select Deposit from the drop-down menu.

  4. Enter the dollar amount you want to deposit in the Amount field.

  5. Click Submit.

    Civic Platform deposits the money into the selected trust account and then displays the Account Detail tab.

Transferring Money between Trust Accounts

If an individual has multiple trust accounts they can transfer money between their accounts. The individual must have a legitimate stake in each account involved in the fund transfer. You can only transfer funds between accounts associated with the same individual.

To transfer money between trust accounts

  1. Access the Trust Account portlet (Navigating to the Setup Portlet).

  2. Select the trust account that you want to transfer money from.

    Civic Platform displays the Account Detail tab on the Trust Account form portlet.

  3. Select Transfer from the drop-down menu.

  4. Enter the dollar amount you want to transfer in the Amount field.

  5. Select the trust account you want to transfer the money to from the Target Account ID drop-down list.

  6. Click Submit.

    Civic Platform transfers the money into the selected trust account and then displays the Account Detail tab.

Withdrawing Money from a Trust Account

To withdraw money from a trust account

  1. Access the Trust Account portlet (Navigating to the Setup Portlet).

  2. Select the trust account that you want to withdraw funds from.

    Civic Platform displays the Account Detail tab on the Trust Account form portlet.

  3. Select Withdraw from the drop-down menu.

    Civic Platform displays the Withdraw fields for the selected trust account.

  4. Enter the dollar amount you want to withdraw in the Amount field, add Comments.

  5. If you added the Payment Method field to the Withdraw form for this trust account, specify the Payment Method.

  6. Click Submit.

    Civic Platform withdraws the money from the selected trust account and then displays the Account Detail tab.

Making an Adjustment to a Trust Account

Civic Platform allows you to make adjustments to a trust account, for example, if you make an accounting error, you can make the necessary correction. Adjustments allow you to add or remove money from a trust account.

To make an adjustment to a trust account

  1. Access the Trust Account portlet (Navigating to the Setup Portlet).

  2. Select the trust account that you want to withdraw funds from.

    Civic Platform displays the Account Detail tab on the Trust Account form portlet.

  3. Select Adjust from the drop-down menu.

  4. Complete these fields and options:

    Amount Enter the dollar amount you want to adjust for the selected trust account.
    Transaction Type - Credit Adjust Select this option to add money into the trust account for entered amount.
    Transaction Type - Debit Adjust Select this option to remove money from the trust account for the entered amount.
  5. Click Submit.

    Civic Platform adjusts the money for the selected trust account and then displays the Account Detail tab.