Trust Liability, Refunds and Deductions

Once trust payments are clear, you can refund them to the client. The process of refunding the client will create an accounting item to support the date and amount of the refund, and a trust statement will be generated to document the payments being refunded.

Settings on the client will determine the method of refunding the client. Dispatching the trust statement via email is the most popular option because it is immediate, therefore making it efficient.

If you are setup with your financial institution to import a file of payments (this is universally referred to as an ABA file), then DebtCol can be configured to create this file for you. Once the ABA file has been created, you simply import the ABA file into your financial institutes banking portal, and their portal will handle to transfer of funds.

Accounting > Trust > Trust Liability

Trust Liability - Refunds, Transfers and Statements

Here you may refund cleared trust money to clients and a trust transfer as an offset against any billings where clients have an account type of contra.

Refund and Transfer for a single client

Choose “Specific Client” from the list of options.

Enter the client code where indicated.

The bank account linked to the client will default. To change the bank account, select from the list labeled “Bank Account”.

Click “Locate” on the Action Bar. Any results for the given client code will appear in the table.

To view and dispatch a report of the results, click “View Report” on the Action Bar.

Below the table are the dispatch details for you to complete. The defaults will be derived from that client’s settings.

Click “Process” on the Action Bar to create the refunds and transfers shown.

If there are any unbilled charges for the client and their account type is contra, then a message will appear informing you. If you do not wish to invoice at this time, click the “Cancel” button, else click “OK” to proceed.

Where the process is able to proceed with the refunds and transfers, a trust statement will be dispatched immediately.

Where it has been ok to proceed with invoicing unbilled charges in order to offset them against the trust money, a tax invoice will also be created. A trust transfer will then be offset against the charges.

When complete, the table will update indicating where a statement and/or invoice has been generated by ticking “Invoice Generated” and “Statement Generated”. These will be dispatched according to the clients invoice and statement dispatch methods.

IMPORTANT: Where the refund method is set to electronic funds transfer, an Australian Banking Association (ABA) file will be created for you to import into your banking application. You will be asked to save this file.

Refund and Transfer for a single case

Choose the “Specific Case” option.

Enter case number where indicated.

Select the bank account.

Click “Locate” on the Action Bar. Any results for the given case will appear in the table.

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To view and dispatch a report of the results, click “View Report” on the Action Bar.

Below the table are the dispatch details for you to complete. The defaults will be derived from that client’s settings.

Click “Process” on the Action Bar to create the refunds and transfers shown.

If there are any unbilled charges for the case and the clients account type is contra, then a message will appear informing you. If you do not wish to invoice at this time, click the “Cancel” button, else click “OK” to proceed.

Where the process is able to proceed with the refunds and transfers, a truststatement will be dispatched immediately.

Where it has been ok to proceed with invoicing unbilled charges in order to offset them against the trust money, a tax invoice will also be created. A trust transfer will then be offset against the charges.

When complete, the table will update indicating where a statement and/or invoice has been generated by ticking “Invoice Generated” and “Statement Generated”. These will be dispatched according to the clients invoice and statement dispatch methods.

IMPORTANT: Where the refund method is set to electronic funds transfer on the client, an Australian Banking Association (ABA) file will be created for you to import into your banking application. You will be asked to save this file.

Refund and Transfer for all clients

Choose the “Specific Trust Account” option.

Select the trust account where indicated.

You can filter your selection by specifying the trust posting frequency where indicated. This will return all clients for the nominated trust account whose trust posting frequency equals your selection that have cleared trust monies to remit.

Click “Locate” on the Action Bar. Any results for the given trust account and posting frequency will appear in the table.

image1.png

To view and dispatch a report of the results, click “View Report” on the Action Bar.

Click “Process” on the Action Bar to create the refunds and transfers shown.

If there are any unbilled charges for any clients and their account type is contra, then a message will appear informing you. If you do not wish to invoice any of the clients at this time, click the “Cancel” button, else click “OK” to proceed.

Where you have cancelled at the prompt, you may un-tick the items you do not wish to invoice unbilled charges for. This is done in the “OK” column of the table.

Where the process is able to proceed with the refunds and transfers, a trust statement will be dispatched immediately.

Where it has been ok to proceed with invoicing unbilled charges in order to offset them against the trust money, a tax invoice will also be created. A trust transfer will then be offset against the charges.

When complete, the table will update indicating where a statement and/or invoice has been generated by ticking “Invoice Generated” and “Statement Generated”. These will be dispatched according to the clients invoice and statement dispatch methods.

IMPORTANT: Where the refund method is set to electronic funds transfer, an Australian Banking Association (ABA) file will be created for you to import into your banking application. You will be asked to save this file.

Refund and Transfer by client group, sub-group and/or client branch

Choose the “Specific Client Group” option.

Choose a client group. This will restrict the refunds and transfers to a particular client group.

Choose a client branch if required. This will restrict the refunds and transfers to a particular branch.

Choose a client sub group if required. This will restrict the refunds and transfers to a particular client sub group.

Select the trust account where indicated.

You can filter your selection by specifying a client branch and/or sub-group where indicated. This will return all clients for these nominated categories that have cleared trust monies to remit.

Click “Locate” on the Action Bar. Any results for the selection will appear in the table.

image1.png

To view and dispatch a report of the results, click “View Report” on the Action Bar.

Click “Process” on the Action Bar to create the refunds and transfers shown.

If there are any unbilled charges for any clients and their account type is contra, then a message will appear informing you. If you do not wish to invoice any of the clients at this time, click the “Cancel” button, else click “OK” to proceed.

Where you have cancelled at the prompt, you may un-tick the items you do not wish to invoice unbilled charges for. This is done in the “OK” column of the table.

Where the process is able to proceed with the refunds and transfers, a trust statement will be dispatched immediately.

Where it has been ok to proceed with invoicing unbilled charges in order to offset them against the trust money, a tax invoice will also be created. A trust transfer will then be offset against the charges.

When complete, the table will update indicating where a statement and/or invoice has been generated by ticking “Invoice Generated” and “Statement Generated”. These will be dispatched according to the clients invoice and statement dispatch methods.

IMPORTANT: Where the refund method is set to electronic funds transfer, an Australian Banking Association (ABA) file will be created for you to import into your banking application. You will be asked to save this file.

Refund and Transfer for a branch

Choose the “Specific Branch” option.

Select the branch where indicated.

Select the bank account.

Click “Locate” on the Action Bar. Any results for the given branch will appear in the table.

image1.png

To view and dispatch a report of the results, click “View Report” on the Action Bar.

Below the table are the dispatch details for you to complete. The defaults will be derived from that client’s settings.

Click “Process” on the Action Bar to create the refunds and transfers shown.

If there are any unbilled charges for clients relating to your selections and the clients account type is contra, then a message will appear informing you. If you do not wish to invoice at this time, click the “Cancel” button, else click “OK” to proceed.

Where the process is able to proceed with the refunds and transfers, a trust statement will be dispatched immediately.

Where it has been ok to proceed with invoicing unbilled charges in order to offset them against the trust money, a tax invoice will also be created. A trust transfer will then be offset against the charges.

When complete, the table will update indicating where a statement and/or invoice has been generated by ticking “Invoice Generated” and “Statement Generated”. These will be dispatched according to the clients invoice and statement dispatch methods.

IMPORTANT: Where the refund method is set to electronic funds transfer on the client, an Australian Banking Association (ABA) file will be created for you to import into your banking application. You will be asked to save this file.