Here are the steps to follow to reimburse a notary / lawyer by EFT with the In Trust amount.
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Before starting this section, make sure that he banking information in the Notary/Lawyer contact page has been inserted. Contacts > Lawyers / Notaries |
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Trust account
In the trust account tab, create the deposit amount (if not already done)
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Payment Type: Withdrawal / Payment
Withdrawal Type: Refubd Refund to Lawyer / Notary
Transaction Date: Date of transfer
Cheque Date: Same as transaction date
Method: Electronic Funds Transfer
Withdrawal Amount: Amount to send to Lawyer / Notary
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You’ll see the amount at zero, however this maount amount needs to be assigned somewhere in order to link it with the commission account.
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Transaction Date: Transfer date
Bank GL Account: Choose Commission Account
Payment Method: Cheque
Cash Receipt Amount: Same as in Trust Amount
Description: Enter transaction number and address
*Exempt Taxes
4. Accounting > Accounts Payable > Payment Outside Supplier Account
Add a New Payment of outside supplier account
Complete the following fields:
Payment Outside Supplier Account:
Payment Type: Third-Party Payment
Payment date:
Payment Amount:
Bank Account: Choose Commission account
Beneficiary Section:
Type of Beneficiary: Notary/Lawyer
Transaction: Choose the transaction
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Once you’ve selected your transaction, most fields will automatically fill themselves. (Notary/Lawyer information and address) |
Payment method: Electronic Funds Trasnfer
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Once completed, click on “Next”
5.