Notary EFT

Here are the steps to follow to reimburse a notary / lawyer by EFT with the In Trust amount.

Trust account

1. In the trust account tab, create the deposit amount (if not already done)

2. Add a withdrawal to pay notary

Payment Type: Withdrawal / Payment
Withdrawal Type: 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

SAVE AND CLOSE

You’ll see the amount at zero, however this amount needs to be assigned somewhere in order to link it with the commission account.

3. Accounting > Cash Receipt

• Add a cash receipt

• Cash receipt type selection: Other Payment

• Complete the mandatory fields

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

1. Add a New Payment of outside supplier account

2. 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

Payment method: Electronic Funds Trasnfer

Once completed, click on “Next”

5.