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.
If you invest 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.
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:
- 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. For more information, visit the IBD Accounts set up.
- The receipt date must be greater than the last reconciliation date.
- IBD receipts are not banked or reconciled. It is assumed funds have been deposited into the IBD account upon receipt.
- IBD receipts can be reversed as long as the action does not cause a negative balance.
- The receipted date must be the date the receipt is logged into your Agentbox Sales Trust Accounting System.
ATTENTION NEW USERS: DO NOT LOG ANY TRANSACTIONS EXCEPT OPENING BALANCES 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 money 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
7. Select IBD from the Account drop-down
8. Select the corresponding offer/contract from the Sale dropdown and the existing IBD account details will appear. *Note: The IBD account details are entered on the Offers and Contracts tab of the corresponding listing in Agentbox.
9. Enter the receipt Particulars
- The Receipted Date, by default, will be today's date and cannot be edited. If entering a direct deposit for example, you will be able to enter in the Presented Date as it appeared on your bank statement. 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
- Entity the funds are from
- Amount
- Payment Method
- Payment Method
i. Cash
ii. Cheque - Enter the Cheque Number, Drawer, Account Number, Bank, BSB Number & Clear in (days). Please note, the default Clear In (days) can be changed through Settings. A different value can be set for each receipt.
iii. Credit Card - Enter the Card Type, Holder, Expiry Date
iv. Direct Deposit - Enter the Received/ Deposited Date as per you Bank Statement
v. EFTPOS
- Select a Reason
- If applicable you may also enter an Interim Receipt Number and add a comment
10. Press Submit & Print and the transaction record will appear in the list below. A receipt will also be generated in a new window. If you only want to add the transaction record to the list simply click Submit.
