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Interest Bearing Sales Deposits

Interest Bearing Sales Deposits

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Interest Bearing Sales Deposits

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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.

 

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issue a Trust Account payment from T/A 15 (Deposits Held External)

 

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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.

 

 

 

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