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. Once funds are available for disbursement e.g. Cheques have been receipted, banked and cleared you are able to make payments from this ledger.
When settling an IBD Account you can either Receipt IBD Interest directly into the IBD Account and then make payments directly from the IBD ledger to the recipients or conduct an IBD transfer to transfer all funds out of IBD into the Sales Ledger for disbursement.
*Note:
- The payment date must be the date the payment is logged into your Agentbox Sales Trust Accounting System.
- IBD Account details are logged against the specific Offer/Contract to which they relate. This is done via the Offers/Contracts tab of the related Property Card in your Agentbox System.
NEW USER WARNING: DO NOT LOG ANY TRANSACTIONS EXCEPT OPENING BALANCES UNTIL YOU HAVE PERFORMED AN INITIAL RECONCILIATION.
1. Click on the Trust icon from the Main Menu
The Sales Trust panel will open
2. To enter a payment select Transactions and New Payment
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3.Search and select your listing from the Listing drop-down. Select IBD from the Account Type
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4. Enter the payment Particulars
- The Payment Date, by default, will be today's date and cannot be edited. If you would like this field to be editable please refer to Backdating Receipts & Payments.
- Select the trust account from the Trust Account drop-down
- Staff member the receipt is issued by
- Payee (you can enter a contact or suppliers bank account details on their contact card in the Agentbox CRM. These bank details will then pre-poluate the trust module when making payments via direct deposit or ABA)
- Amount
- Payment Method will be Bank Instructions, It is assumed the bank currently holding the IBD account will disburse the funds for you
- Select a Reason
- If applicable you may also add a comment
5. Press Submit & Print and the transaction record will appear in the list below. A pdf of the payment receipt will also be generated. If you only want to add the transaction record to the list simply click Submit.
