Sale details > Receipt & Withdraw buttons
TABLE OF CONTENTS
Receipt funds
Sale deposit
Receipt the sale deposit using the Receipt button
Sale money can be in the form of the sale Deposit or Sale Commission or a combination of both.
When a sale is loaded with a Deposit amount and a commission amount the system will automatically recognise that funds
against the sale are either commission or deposit and receipt to either the Trust or Trading Account.
- Type - If the Sale has an outstanding Deposit due then Sale deposit option will be selected.
- Date - This is that date that the money was deposited into your account. If you are updating the sale after you have actually made the deposit make sure that you enter the actual date that you banked the money.
- Payment - Select how the deposit was made – This will default to cheque but you can select EFT
- Reference - This will be the next receipt number after your last deposit.
- From - This will automatically display the Purchasers name. If the payment is being made by someone else make sure that you put their name here.
- Amount - The Amount will automatically display the amount of the deposit that is due. If the amount that you are receipting is different, over type this amount with the correct amount.
- Details The sale address is automatically displayed here. This is useful when trying to locate a Sale when reconciling your trust account.
- Click on the Save button to save the transaction.
Commission money
The Receipt button is used to also receipt Commission monies for a Sale.
Commission money is not normally receipted into your Trust account. But you still follow the same process as if you are depositing Sale deposit. The program will automatically detect if the money being deposited is Sale Deposit or Sale
Commission money is the money required to meet the Commission due on a Sale.
Example If a Sale has a deposit of 5K and the commission is 10k then there must be two receipts;
one for the Sale deposit and another with the commission money. Both are needed before the Sale can be Released.
Often the deposit will be made early in the Sales process but you may have to wait sometime before the
balance of the Commission money is supplied by the sellers solicitor.
Even if there is no Deposit due on your Sale, you still need to receipt the Commission money received n the Sale.
The program will automatically detect if you are depositing sale deposit or commission money.
A receipt for the money recited will be saved to the sale - Docs tab
A transaction will be created on the sale transaction tab
Withdraw funds
Use the Withdraw button withdraw money from trust.
IMPORTANT You do not withdraw funds when a Sale can be released , Use the release button to automatically withdraw the money.
The Withdraw funds is not used very often
Example When a Sale has Fallen and you need to refund the deposit back to the Purchaser or when a
Sale Deposit Refund -
deposit payment has not been honoured by the bank.
Other Expense
This type of withdrawal will not effect the balance of the deposit due If you have receipted enough money to meet the sales deposit the Vendor may have given you the authority to withdraw money to meet other of his/her expenses.
Example. Outstanding Promotion money, money to pay for a new set of house keys or to clean up of the
property.
This can only be done before funds are deposited or withdrawn against the trust account. At this stage
the deposit button has not been Clicked.
Company Commission
This option is only used to allow a portion of the commission money to be paid out before a Sale has settled called a Part Take.
Solicitor / Vendor
Pay the deposit to the Solicitor
Where the parties have agreed to transfer the money to the Vendors solicitor before the sale has settled.
This can be required when the Deposit is needed for the Vendors next house.
After you have already received the Sale deposit money sometimes the Vendor will request that the Deposit is immediately paid to the Solicitor and that you will need to invoice the Solicitor for the total commission due.
How to do this;
- Open the Sale and Withdraw the deposit select the correct Withdrawal type – (usually Trust Account – Solicitor Vendor)
- Then you use the Invoice button to Invoice for the Commission due.
- Once you receive the Commission use the Receipt button to deposit the money and you will be able to Release the sale
Notes
As you receive the Commission money you can reprint the Invoice /Statement as many times that you
need to until you have received all of the commission due.
The system knows that the money is commission money and so will not go through the trust account.
This type of withdrawal will not effect the balance of the deposit due when the solicitor has requested that the funds are sent to them
Outstanding Promotion money
Click on the Sale Withdraw button and select Promotion Withdrawal
• There is a Promotion for the sale
• There is a Promotion amount outstanding
When you have outstanding Promotion monies and the Deposit is more than the commission due on a
sale then you can withdraw the outstanding Promotion money.
If you have receipted enough money to meet the deposit amount required the Vendor may have given
you the authority to withdraw money to meet other of his/her expenses.
Example. Outstanding Promotion money, money to pay for a new set of house keys or to clean up of the
property.
Note
This type of withdrawal will not affect the balance of the deposit due,. The amount will automatically
be the amount outstanding for your promotion.
The balance outstanding for the promotion will automatically be reduced.