Transferring funds from one deal to another

Transferring funds from one deal to another

If a Deal Collapses and you are holding Deposit/EMD funds for a buyer and need to now transfer them to the new Deal this can be done in the following way. 


First, you will need to 'Release Deposit' from the old Deal by selecting the Release Deposit option.



Using the sample screenshot above you can now follow the steps -


Post the release

  • Make sure you select the correct amount for the Trust Release

  • Be sure to select ' Other' as a reason as this is NOT a refund.

  • Select the correct Bank Account, for this example,  'Trust'

  • Be sure to reference the new Deal file number that the funds are being transferred to.

  • The release date should be for the same day of the new accepted deal or the date of the collapsed deal.


Once you have 'Released Deposit' you now head to the 'Add Deposit’ menu and record the deposit on the deal you're transferring to, following these steps -


Post the deposit

  1. The deposit date should be for the same day as the Release.
  2. Be sure to reference the file number that the funds came from in the reference bar.



You have now successfully transferred your Deposit/EMD funds to your new Deal in Loft. 


On the Xero/QuickBooks side


Head to your Bills menu

Post a payment on the release bill
Head to Bank accounts
Choose the Bank Account the deposit and bill payment was recorded to
Search for both the payment and deposit, select both and mark reconciled. *The purpose of this is to keep record of the 'transfer between deals' transactions for audit purposes.

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