Direct Payment File
Electronic Funds Transfer can make some payments from the Trust Account to other accounts. The system transfers the details of the payment to a specific ABA file which can be read by the bank or software supplied by the bank. Types of payments can include:
|•||End of period Lessor payments.|
|•||Creditor payments both during the period and at period end.|
|•||Monthly payment to the business accounts of management fees etc.|
The buttons on the bottom of the form enable the user to:
|•||Close the file by selecting Make File, the file will be saved to either the C drive or to your secondary drive, this can be changed in System Setup.|
|•||Print/email the remittance advice of a creditor payment. Check Show Email to see available email addresses and select on the left.|
|•||Reverse a creditor payment only if the file has not already been made by selecting it on the left and clicking Reverse.|
Note: It is not possible to print a remittance advice for Lessor payments.
There is a running total at the bottom of the Direct Payment File screen.
|•||Using the programs detailed above, payment details are transferred to this file and will appear in the grid.|
|•||Click the Make File button.|
|•||The disk transfer file will be made and the direct payment file, which appears in the grid, will be cleared.|
|•||A report of the payments that are included in the file will be printed.|
|•||The file is stamped with the current day's date and must be processed by the bank on the current day.|
|•||If the file cannot be processed on the current day it may need to be re-made (See details below).|
The payments are collected in this file, and the details must be transferred to the bank via an electronic payment file. The format of this file is the same for all banks associated with the Australian Bankers Association.
If for some reason, the disk transfer file is corrupt, lost or cannot be sent on the current day, you can remake the file. Select the Direct Payment program item again and as the file has already been made, the grid will be clear. Select the transfer number using the button in the bottom right and when you can see the file, and select Make File and a copy will be made. There are no additional transactions are created during the re-make process but the file is re-generated.
The name assigned to the file name and the drive to which it is copied is detailed in the System Setup program. Ensure that all settings are correct before attempting funds transfers.
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Trust Accounting & Property Management Software with Enterprise Electronic Document Management.