For our Asia-Pacific customers, the term "Trust Account" is used, while European customers refer to it as "Client Account". It's important to mention that the Client/Trust Accounting functionality does not apply to customers in North America. For further information on regional terms, check out our Glossary of Regional Terminology.
This article provides a comprehensive guide on how to create, manage, and utilize Disbursement Profiles in Client/Trust Account. These profiles enable you to customize and streamline the disbursement process according to different disbursement types and reporting needs. We'll cover everything from creating new profiles to assigning them to contacts and archiving them as necessary.
Overview of Disbursement Profiles
Disbursement Profiles help manage preferences for different types of disbursements. They allow for setting specific types of funds to be disbursed, along with the corresponding reports to be generated.
Accessing Disbursement Profiles
- Click on the Settings menu.
- Select the relevant company to work with.
- Choose Disbursement Profiles from the accounting section.
Managing Disbursement Profiles List
Navigate between current and archived Disbursement Profiles using the tabs above the list. Editing and viewing a profile can be done by clicking its name link.
Creating a New Disbursement Profile
- Click the +Create new disbursement profile button to start the process of adding a new profile.
- Name the profile in a way that clearly communicates its purpose or when it will be used.
- Select which Disbursement Types are to be included in this profile. This ensures only the relevant transaction types are disbursed.
- Choose the Disbursement Reports that you require to be generated during the disbursement process. This could include statements or summary reports for record-keeping.
- Select the Owners who will be assigned to this profile. These are the individuals or entities who will receive funds or statements as part of this disbursement.
- Once all details are completed, click Save Profile to apply your settings and create the disbursement profile.
Choosing Reports for New Profiles
When selecting reports, keep in mind which are relevant for the particular disbursement type and which should be part of the Close of Period process. Check with an auditor if unsure of the requirements.
Assigning Profiles to Contacts
- In Contacts, select the owner.
- Scroll to Owner Details to assign Disbursement Profiles.
- Tick all relevant profile options for the contact.
Active profiles should reflect the transactions applicable to that owner.
Editing or Archiving Disbursement Profiles
Changes to a Disbursement Profile can be saved, or the profile can be archived if no longer needed. To confirm archiving:
- Choose the profile you wish to archive.
- Select Archive to remove it from active use.
- Confirm by clicking on Archive this disbursement profile.
To restore an archived profile:
- Use the archived tab to view archived profiles.
- Select Restore to reactivate the profile.
Restored profiles will reconnect to the owners they were originally linked to.
Examples of Disbursement Profile Use Cases:
- Mid Month Payout
- Bond / Deposit Disbursement
- Creditor / Supplier Payments
- End of Month / Quarter Payout
- One-off Owner Payment
Make sure to customize each profile to align with the required disbursements and appropriate owner contacts.