Use this area when Interest Bearing (IBD) Accounts have been closed and the Deposit plus Interest have been returned to the Trust Account. Ensure the associated Contract has been entered into the system and the invested deposit has been entered against the contract. See Investing Sale Deposits

It is your agency’s responsibility to ensure that all trust account entries are performed in accordance with legislative requirements in your state or territory, MultiArray Pty Ltd takes no responsibility for transactions entered that are not compliant with the law.
 

    
Record IBD Interest 

 

1.       Click on the Accounts Function/Menu button.

2.       Select the appropriate Account from the Drop Down List.

3.       Select the IBD Receipt option or click on the Newoption on the top menu bar.

4.       The Select Contract screen will be displayed. Locate and select the Contract and click on OK.

5.       The Receipt Active Window will be displayed. Details of the Contract will appear on the Right

Hand side of the screen. Click on the  icon to view the Contract details if necessary.

6.       Enter the Date of the transaction. Note: A future date or a date prior to a closed Bank

Reconciliation is not permitted.

7.       The Receipt No. will default to the next receipt number in the series. You may alter this if

necessary. 

8.       Enter any Notes if applicable.

9.       The bank name is normally entered as the Payee.

10.     Select the Reason from the Drop Down List - this is normally IBD Interest

11.     Select the form of payment in the Tender Type Drop Down List, this is normally EFT.

12.     The Receipt Amount will automatically be displayed depending on what has been entered in the

Contracts > General page > Deposit Required area, alter this amount if the amount being paid is different from the amount displayed.

13.     Enter Notes for this transaction if required, or if left blank this field will default to the same as

the Notes description above.

14.     Click on the Add transaction button if you want to add another transaction – this would be

used to add another transaction on the same receipt number, continue the procedure from step 8. Note: The system will not accept different tender types on multiple transaction lines if one of the tender types is EFT or Credit Card.

15.     Click on the Save and Close button to save the information entered, alternatively click on the

X at the top right corner of the Active Window, a message will appear “Do you want to save changes?” Select Yes, No or Cancel accordingly.

1.       Click on the Accounts Menu/Function button.

2.       Select the appropriate Account from the Drop Down List.

3.       Select the IBD Payment option.

4.       The Payment Active Window will be displayed.

5.       In the Paid to drop down list select the appropriate Payee. If you are receipting back to the

Sales Trust Account use "Other" as the Payee then click on Contact button. There needs to be a contact in your database of the name of your sales trust account ie Smiths Real Estate Sales Trust Account. See entering a contact.

6.       Enter the Date of the transaction. Note: A future date or a date prior to a closed Bank

Reconciliation is not permitted.

7.       Tick the EFT check box, the EFT No will default to the next in the series; update the EFT

number if required.

8.       Enter any Notes.

9.       In the Transaction Details area. Select the  icon in the Contract column.

10.     The Select Contract screen will be displayed. Locate the Contract using the various filter

options and click on the Find Now button. Once the Contract is displayed, left click on it to select it, and click on the OK button.

11.     The Contract Details will be displayed in the right hand side of the Payment Active Window,

to view the Contract details select the  icon.

12.     The Balance Details area displays the Total Deposit Required which is carried across from the

Contracts > General page, the Opening and Closing Balances of the Trust and Investment ledgers.

13.     Enter the Reason of the transaction

14.     The Amount will default to the current balance of the ledger, alter this if necessary.

15.     Enter any Notes for this transaction, or if left blank this field will default to the same as the

Notes description above.

16.     Click on the Save and Close button. Alternatively click on the X at the top right hand corner of

the screen, a message will appear “Do you want to save changes” select Yes, No or Cancel accordingly.

Note: If you have transferred funds back to the Trust Account, refer to Sales Deposit Payment - Cheque or
Sales Deposit Payment - Electronic Funds Transfer for dispersing funds from the trust account.