In ContactsLaw, the trust payment aggregation activity is used to record bulk electronic funds transfers (typically performed using Internet banking). This type of transaction aggregation supports the EFT and trust transfer payment methods.

 

Authorised, unprocessed payments will appear in the grid, filtered according to the payment method selected. The payments to include in the transfer are selected using checkboxes and a banking date is added. Sufficient details are provided in order to complete the transfer (i.e. BSB/account numbers, contact names and the requested bank narration where applicable). The transaction date for all included payments is updated to reflect the banking date. When the transfer has been performed, the bank reference number must be entered. This is then propagated to all included payments.

 

This aggregation activity also includes the total value of TP/TT transactions posted thusfar on the banking date, for both the current member and the practice as a whole. These totals include the sum of any payments selected in the grid. This allows members to avoid exceeding any daily transaction limits which may apply.

Posting an aggregation record for a trust transfer will automatically post a corresponding record to the relevant general account. You can open, edit or delete the aggregation record on the general side of the transfer, but these records can only be created from the trust side.

General payment aggregation includes a facility to export the details of the bulk electronic payment to a file or external application, such as the Australian Banking Association (ABA) direct entry format. With this mechanism, it is possible to automate the online banking step of the process.