Notary EFT

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

Open

Trust account

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

Open

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 the 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

GL ACCOUNT:

Add the commission GL account.

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: Select date
Payment Amount: Enter amount
Bank Account: Choose Commission account

Beneficiary Section:

Type of Beneficiary: Notary/Lawyer
Transaction: Choose the transaction

Payment method: Electronic Funds Transfer

Once completed, click on “Next”

Apply the amount in the debit section with the GL account.

Click on Add to accounting entry

Click on Submit

Your EFT is now ready to be sent out.