Account Sale

The Account Sale generation tool provides an interface for producing an Account Sale Invoice or summary statement as the initial step of an Early Deposit Release or Settlement. If funds are held in trust, the Account Sale document can then be used as a reference when processing disbursements.

• Marketing expenses due to the office should be entered manually based on what is currently outstanding to the office at the time of producing the invoice/statement.
• The total funds held in trust calculated at the time of producing the invoice/statement are based on the available balances as at the invoice date.
• If an Interest Bearing Deposit account has been used for the sale, all balances must be transferred prior to producing the invoice/statement. Any interest due to buyers should also be disbursed prior.
• The Account Sale should be produced prior to performing any Settlement or Early Release payments from the Trust Account and the calculated balances can be used to subsequently make manual disbursements from the Trust

Note: This will need to be completed prior to making your Disbursements

1. Select Listings/Ledgers, Search for your listing and then select the Edit icon to open the listing record

2. Select the Account Sale tab

3. Enter Invoice details. The invoice details are a combination of automatically generated and editable fields.

Invoice Details:
● Invoice Number: Automatically generated.
● Invoice Date: Will affect the calculated available funds held in trust.
● Trust Account: Will affect the calculated available funds held in trust if managing Multiple Trust Accounts.

Reference:
● Total Sales Fund: Displays the total available funds held in Trust (Sales Fund) based on the invoice date.
● Total Marketing Fund: Displays the total available funds held in Trust (Marketing Fund) based on the invoice date.
● Total Held In Trust: Displays the total available funds held in the Trust. (Sales Fund + Marketing Fund)

Expense Due:
● Commission Due: The Commission that is due (inc GST). GST will be calculated automatically and is editable.
● Marketing Due: The Marketing that is due (inc GST). GST will be calculated automatically and is editable.
● Miscellaneous: The any Miscellaneous expenses due (inc GST). GST will be calculated automatically and is editable.

3. Enter the Payee & Payment Method and if required, adjust the Payee Display Name to appear on the document

4. Click on the calculator () icons to view snapshots of the listing's commission and vendor-allocated marketing expenses.

Select 'Include' next to each item that is relevant to the Account Sale and 'Add' to include in the statement.

5. The Balances section calculates the Expenses Due from Trust, any Outstanding Balances Due to the office and the Balance to the Payee.

Release Type: Select from “Settlement”, “Early Release”, “Summary/Draft” or "Stakeholder". This selection will affect what is printed on the Account Sale document.

• Settlement: Release of funds on Settlement.
• Early Release: Release of funds prior to settlement e.g. Section 27 statement.
• Summary/Draft: An Account Sale that does not generate an invoice number
• Stakeholder: Release of funds to a specified stakeholder as per sales agreement e.g. a solicitor or a conveyancer.

The Account Sale document will be adjusted based on the Release Type selected.

● Draft / Summary: will not display the “TAX INVOICE” header, an invoice number, release type or payee payment method.
● Settlement” / “Early Release: will display the “TAX INVOICE” header, the invoice number, release type and payee payment method if there is a balance to the payee.

6. Once all details have been added, click Submit & Print to store a snapshot of the invoice/statement and print a copy for distribution. A record is stored irrespective of the Release Type and is able to be re-printed on demand.