Creditor Accounts from Lessor Funds
This item allows the entry, deletion and modification of outstanding creditors' accounts. Creditor details can be maintained using the Maintain Creditors item. New creditors can be created using the button on the form.
This same program is available from both the Creditors' drop down menu and the Commercial menu (if commercial is being used).
When account items are entered from the Creditors' menu, then the funds will be drawn from the Lessors' accounts. The disbursement codes used will be the set of residential disbursement codes.
When entered from the Commercial menu, the funds will be drawn from the Variable outgoing account associated with the property. To set or view which trust account this is, look on the commercial tag of the Property and Lessor pages on the desktop.
Identify the creditor using the Search and Navigator buttons.
The Append button adds a new account record to the creditor's accounts. After the bank account has been added, fill in:
|•||The invoice or reference number can be taken from the creditor's invoice or statement. Sometimes there may not be such a number, and it can be useful to make one up. For example, use 11/10 for the November invoice.|
|•||The date is the date on the invoice.|
|•||Identify the property. Use the drop down combo box to identify the address. Note that this has an incremental search function that enables the user to find the property by typing in the first part of the address.|
|•||Identify the disbursement code. This also has a drop down incremental combo box.|
|•||Enter any additional textual details, which will be printed on the Lessor Statement.|
|•||If there are any Unpaid Work Orders for the property, for this creditor, they will appear in the drop down list.|
|•||The Priority is set to 5 by default. Funds for payment are obtained from the Lessor's account. If there are no funds, then it will be held for payment. If it is required that an invoice have priority for payment over other Lessor accounts, then set it at a lower number.|
|•||Enter the amount inclusive of GST. If a work order has been selected, then the estimate price will appear by default. If this invoice amount differs significantly, then it may be necessary to query the difference.|
|•||Select a Hold Until date if necessary. This allows you to hold off on paying until a specific date.|
The Delete button will delete the currently indicated account item.
The Creditor button allows you to add in a new Creditor.
The Pay button will pay the current Creditor for items where there are sufficient Lessor (or V/O) funds. Normally payments are made in a batch using the Pay Creditors item, but this can be useful when a single creditor needs to be paid.
If the Work Order number has been selected, then the status will be changed to 'Paid'.
Cheques can be printed, renumbered, or reissued using the Cheque Toolbox.
If the creditor is set up for payment by electronic funds transfer, then the payment details will be transferred to the Direct Payment File. The Creditor may be advised of the transfer by printing a remittance advice from the direct payment field. The payment also may be reversed if the direct payment file has not already been closed.
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