GeeDee for Windows

Interest Bearing Sales Deposits

Interest Bearing Sales Deposits

Previous topic Next topic No directory for this topic Expand/collapse all hidden text  

Interest Bearing Sales Deposits

Previous topic Next topic Topic directory requires JavaScript JavaScript is required for expanding text JavaScript is required for the print function Mail us feedback on this topic!  


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
receipt the deposit.


Click to Expand

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 Company Logo_Horizontal_MEDIUM
Phone: (08) 9364 6677  | Fax: (08) 9364 7433   | eMail:   | Web:

© 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.