Understanding "As At Date" for Disbursements

This article explains how to set and use the "As At Date" when disbursing funds from your Client/Trust Account. The "As At Date" allows you to disburse funds effective from a particular date, streamlining your financial records and ensuring accuracy on owner statements. We'll show you the steps to change this date and explain the parameters and limitations of this function.

What Does "As At Date" Affect?

The "As At Date" is a crucial element of the disbursement process. Its primary functions are to:

• Exclude any bank statement transactions that happened after the selected date.
• Record the disbursement on owner statements, reflecting the actual date of the funds' allocation.

This ensures further bank transactions do not affect the period you are finalizing and reports accurately reflect the disbursement date.

Changing the "As At Date"

To adjust the "As At Date" during a disbursement:

1. Start the disbursement process, and you'll notice that the "As At Date" field defaults to today's date.
2. If necessary, change the date by clicking on the field and selecting a date in the past.

Limitations of the "As At Date"

While setting the "As At Date" to a past date can be beneficial, there are certain limitations you should be aware of:

• The "As At Date" cannot be earlier than the most recent disbursement date for an owner.
• If you have the Non-resident Landlord Tax feature enabled, this option will not be available.

For instance, if a disbursement for an owner was last completed on October 3rd, you cannot select October 2nd or an earlier date for the next disbursement for that owner.

By adhering to these guidelines, you can effectively manage disbursements, thereby ensuring your owner statements and financial records remain consistent and transparent.