The ideal way to use the software to make payments from your trust account is to upload the file created during each disbursement to your bank to complete the payments. This ensures accuracy and prevents situations where incorrect amounts are paid out of trust. If you are unable to use any of our formats with your bank please contact your bank in the first instance as they may have other banking options for you. Some banks will only accept payment files with up to 20 transactions via normal internet banking but can provide different facility or accept different file types on request.
If you have made a payment at the bank for an amount which is greater than the amount processed in a disbursement you will need to disburse a further amount to have the correct total to match to. This is not always immediately possible, as usually all funds are disbursed.
If you are required to reconcile your account within a certain time frame you will need to reconcile it to suspense until you can process the required disbursement. If you are in a location where it is compliant to do so, you can leave that transaction unmatched and avoid suspense ledger entirely. When using the suspense ledger option in the bank reconciliation, select the disbursement to that owner and create a suspense transaction for the difference, or overpayment amount.
As soon after as possible, process a disbursement for the overpaid portion to match it to. You may need to recover overpaid funds or wait for the tenant to pay again. If the amount in trust does not match to the overpaid amount you can use the options to withhold funds so that the amount disbursed in the software exactly matches the overpayment at the bank. Process this disbursement separate from any other payments to landlords, creditors, fees or bonds.
Resolve the suspense ledger task to the disbursed amount to correct the suspense ledger balance and clear the task from the list.
If the landlord returns the overpaid amount you will need to raise an income invoice to match it to, you may need to do this before you can process the disbursement.