Interest Bearing Sales Deposits
GeeDee includes the ability to handle Interest Bearing Accounts. Trust Account Receipt type = IBA Deposit.
The procedure for use is as follows:
|•||assume that a deposit of $30,000 is received.|
|•||open a current Sales Ledger, or create a new trust account ledger (SALE type) as usual, eg Trust Account 10046|
|•||issue a Trust Account payment from T/A 15 (Deposits Held External)|
|•||make the payment payable to the bank.|
|•||Trust Account 10046 will still show a credit of $30,000|
|•||Trust Account 15 will show $30,000 as a Debit Account;|
|•||the Bank balance (Trust Account 1) will be reduced by $30,000|
When the Deposit plus interest earned is returned from the Bank:
|•||produce a Trust Account receipt|
|•||$30,000 being the principal amount to Trust Account 15|
|•||and for example $150.00 interest to the relevant Sales ledger|
|•||disburse the $30,000 as required (Deposit Less Commission etc) from the Sales ledger as a Trust Account payment.|
|•||issue a cheque for the interest to the purchaser as required as a Trust Account payment.|
© GeeDee for Windows Pty Ltd 1984 - 2018 All rights reserved. Real Estate Software by Real Estate Professionals.
Trust Accounting & Property Management Software with Enterprise Electronic Document Management.