An IBD ledger is generated for each offer/contract that is logged against a listing. Only when funds have been receipted against a specific IBD ledger (offer/contract) will the ledger begin to show in relevant Trust Account Reporting.
*Note: Agentbox supports one IBD account per offer/contract logged against a listing.
If you are currently holding funds such as Sales Deposits received from buyers in an Investment Bearing Deposit account, you must first ensure the correct vendors (contacts in your Agentbox system) are attached to the correct Listings, ensure each relevant listing has an Offer/Contract recorded against it with at least one attached buyer AND ensure the IBD account information has been added to the Offer/Contract.
*Note: DO NOT LOG ANY TRANSACTIONS EXCEPT OPENING BALANCES UNTIL YOU HAVE PERFORMED AN INITIAL RECONCILIATION
Follow these steps to record sales funds being held in your IBD accounts. For any sales funds being held in general trust account. , please follow the steps in Sales Trust Marketing Ledgers & Sales (deposit) Ledgers
- ONLY LOG THE OPENING BALANCE OF EACH LEDGER
- DO NOT LOG ANY OTHER TRANSACTIONS UNTIL YOU HAVE PERFORMED AN INITIAL RECONCILIATION
1. Attach Vendor(s) to their corresponding Listings
2. Log Offer and Attach Buyer to their corresponding Listings
3. Enter IBD Bank Account Details
4.. Click on the Trust icon from the Main Menu
The Sales Trust panel will open
5. Enter all opening balances (record a new receipt) for all listings you are currently holding mony in IBD accounts for. Select Transactions and New Receipt
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6. Search and select your listing from the Listing drop-down. Be sure to select IBD from the Account Type drop-down
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7. Enter the receipt Particulars
- When entering the Receipted Date, this may be the actual received date or simply a date prior to your last reconciliation date (in your previous system).
- Enter the opening balance under Receipted Amount. This amount represents what is currently being held in your trust account for this listing. For example: Initially, $100,000 was received however you have already paid out $50,000. The opening balance would, therefore be $50,000.
- Select Direct Deposit from the Received Via drop-down. This is because the money is already sitting in your account.
8. Click Submit & Print if you would like a copy of the transaction or click Submit to save without printing.
You will need to repeat the steps for all listings you are currently holding money in investment accounts for.