Use this area when Sales Deposit monies have been invested into an Interest Bearing (IBD) Account.Ensure the associated Contract has been entered into the system and the IBD account details have been entered against the contract in the Properties > Contracts > IBD area. Note: It is recommended that Invested Deposits be receipted into the Trust Account first before being transferred to an Investment Account to produce a definite Audit Trail of deposit monies; however it is possible to receipt monies directly into an Investment account.

It is your agency’s responsibility to ensure that all trust account and IBD 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.

Ensure you setup the relevant Bank Details for an IBD Account/s before continuing. See: IBD Account Setup

If your Agency adopts the decision to receipt Sales Deposits in your Trust Account prior to opening an IBD account, please follow the instructions below. Note: Once the IBD account is open, you will be required to remove the funds from the Trust Account See: Debit the Trust Account (So that funds may be deposited into an IBD Account) and then Deposit them into the IBD Account. See:  Receipting the deposit into the IBD Account

1.       Receipt into the Trust Account using Sales Deposit Receipt.

If you had receipted a Sales Deposit into your Trust Account and now want to transfer this into an IBD account, please follow the instructions below.

1.       Click on the Accounts Menu/Function button.

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

3.       Select the Sales Deposit Payment option.

4.       The Payment Active Window will be displayed.

5.       In the Paid to drop down list select Interest Bearing Account.

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

Reconciliation is not permitted.

7.       If a cheque is being drawn ensure the Cheque Number coincides with your cheque book, if not

update the cheque number. Alternatively:

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

number if required.

9.       Enter any Notes.

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

11.     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.

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

to view the Contract details select the  icon.

13.     The Trust 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.

14.     The Reason will default to Transfer to Investment Account.

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

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

Notes description above.

17.     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.

If you are receipting the original Sales Deposit or have cleared your trust account of a Sales Deposit for transfer into an IBD Account, please use these instructions.

1.       Click on the Accounts Function/Menu button.

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

3.       Select the IBD Receipt option or click on the New option 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. Note: If the receipt number is changed the Administration Agency Settings > Trust Accounts > Next Receipt No will be also be updated when the receipt is saved.

8.       Enter any Notes if applicable.

9.       In the Transaction Details area, the Payer will default to the Purchaser on the Contract,

you may edit this if necessary

10.     Select the appropriate Reason from the Drop Down List, if different to the default reason

displayed.

11.     Select the form of payment in the Tender Type Drop Down List, if different to the default

tender type displayed.

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.     If a Cheque was selected as the Tender Type, enter the details for the Drawer, Bank,

Branch and Cheque No. Note: If the Bank Branch is not displayed please contact MultiArray Pty Ltd via the support website http://www.multiarray.com/support.html
If you have set your account settings to include cheque clearance days you can tick the clear check box so this money can be drawn immediately out from the trust account if you do not wish to wait for the cheque clearance days. 
Note: A Bank sheet must be printed at the end of each day if tender type Cheque or Cash is used

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

the Notes description above.
 

15.     IBD Account Details can be filled out on this receipt screen under IBD Account Details

section if they do not already appear. This includes IBD account name ie ITF Vendors name TO purchasers name, Bank, BSB and Account Number. 

15.     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.

16.     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.

Note: The balance of the Interest Bearing (IBD) Account will be shown on the Properties > Contracts > IBD page for the appropriate contract.

1.       Click on the Accounts Function/Menu button.

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

3.       Select the IBD Receipt option or click on the New option 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 to be the amount of interest received less any bank fees (if not recording the bank fees separately) or the amount of the interest.

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

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 Receipt to receipt these monies back into the trust account. See Sales Deposit Payment - Cheque or Sales Deposit Payment - Electronic Funds Transfer for dispersing funds from the trust account.