The following payment methods are supported:
- Cheque
- Whom the cheque is payable to
- If the cheque is made payable to an ADI (bank contact), the contact who receives the benefit of the payment
- Cheque number (determined based on the number of the previous cheque)
- Contact/member to send a remittance advice letter (or task) to
- Electronic funds transfer
- Narration to appear on the payee's bank statement
- Bank transaction reference number
- For each line item, a payee and the destination account name, BSB and number are also required
- BPay
- Biller code
- Reference number
- Receipt number
Other methods of payment are not supported within the trust accounting system, due to regulations (e.g. dispersal of trust funds by cash is not permitted under Legal Profession guidelines) and/or infrequency of use.
In all cases, funds must be drawn from the balance on a file, not the
trust bank account as a whole. Only processed, cleared funds may be drawn upon. These measures ensure that the trust account cannot be overdrawn.
The trust payment
activity supports a three-step request/authorise/process
workflow. Once processed, a trust payment by cheque cannot be deleted, and for all payment methods, the required particulars cannot be edited. Cheques may be
cancelled, posting a separate transaction to negate the effect on the ledger balance.
See also