Outgoing Funds

The following are the 5 ways you can add outgoing funds:

1. Request Cheque

Request Cheque allows your firm to prepare and track cheque payments related to a matter. After a cheque request is created, Nojumi records it as an expected outgoing fund which is shown as red in the matter transactions page, until the cheque has been processed and matched with the corresponding bank transaction.

This feature helps your firm organize cheque payments and maintain accurate accounting records throughout the payment process. Until the cheque is reconciled, the transaction will remain listed as an expected outgoing fund. This means until the cheque is reconciled only the projected balance will be affected.

2. Request Wire

The Request Wire feature allows your firm to create and manage outgoing wire payment requests related to a matter. Once a wire request is created, Nojumi records it as an expected outgoing fund which is shown as red in the matter transactions page, until the wire has been completed and matched with the bank transaction.

Nojumi does not send the wire payment directly. Instead, it helps your firm track wire requests, approvals, and accounting entries to help reduce errors and maintain accurate records. Once the wire has been completed through your bank or wire portal, the request needs to be manually marked as complete through the Outgoing Funds page in Nojumi. Once the wire is reconciled, it moves from affecting the projected balance to being reflected in the actual balance.

3. Request E-transfer

Request E-transfer allows your firm to create and manage outgoing email transfer requests related to a matter. Once an e-transfer request is created, Nojumi records it as an expected outgoing fund which is shown as red in the matter transactions page, until the transfer has been completed and matched with the bank transaction.

Nojumi does not send the e-transfer directly. Instead, it helps your firm track e-transfer requests, approvals, and accounting entries to help reduce errors and maintain accurate records. Once the e-transfer has been completed through your online banking application, the request can be marked as complete within Nojumi. Once the e-transfer is reconciled, it moves from affecting the projected balance to being reflected in the actual balance.

4. Expected Outgoing Funds

Expected outgoing funds are payments that your firm expects to make related to a matter but have not yet occurred. This feature is useful when you know a payment will need to be made, but you have not yet decided how the payment will be issued, such as by cheque, wire, or e-transfer.

Expected outgoing funds help your firm track upcoming payments and projected matter balances before the payment method has been finalized. Once more information is available, the expected outgoing fund can later be converted into a specific payment request.

5. Withdrawal

The Withdrawal feature is used to record funds that have already been paid out of your bank account.

Similar to Expected Outgoing Funds, a withdrawal is used to track outgoing payments related to a matter. The key difference is that withdrawals represent actual completed transactions that have already occurred in your bank account, while expected outgoing funds are only future or pending payments that have not yet happened. As a result, withdrawals affect the actual balance of a matter, while expected outgoing funds only affect the projected balance.

As a general rule, withdrawals should be used when a payment has already left your bank account and is confirmed in your bank feed.