Prior to processing disbursements and performing Close of Period for each month, there are some items that should be checked.

Before sending statements and remittance advice emails for the first time you should check that they will look good, and convey the correct message:

  • Settings Menu > Templates - ensure branding is set up on the header and footer for email;
  • Settings Menu > Templates - check the 'owner statement master template' and 'remittance advice master template' from the correspondence templates list, customise if required.

Each contact who will receive a payment needs to have an email address to be able to receive these messages.  Statements for owners set to receive them by post can be downloaded after the disbursement reports have been generated.

Check your 'company contact', it should have:

  • your company name as you want the owners to see it;
  • correct phone and address details;
  • payment method for your fees;
  • bank account for fees to be sent to - usually the 'general' account.

There should only be 1 contact in the 'companies' section of the contacts list, if there is more than one, you can check the settings for the trust account to see which is connected to it.

Check the Owner Statement Options page to ensure the statements you send the owners are the correct format and that the header has your branding showing correctly in the preview.

Before paying expenses, Creditor contacts need to have:

  • payment method selected for payment by cheque or EFT;
  • bank details for payment by EFT;
  • email address for remittance;
  • if you are in Australia they can have a BPAY biller code (having a biller code overrides the payment method during a disbursement, usually the payment method is set to cheque for these creditors).

Any expense invoices for payment:

  • must be approved, take note of the due dates as this is a filtering option when processing a disbursement;
  • should have a copy of the suppliers invoice attached if the owner is to receive a copy with their statement;
  • For payment by BPAY the CRN for each invoice to be paid must also be set up on the contacts tab of the property as this populates the BPAY file.

Owner contacts should have:

  • payment method selected;
  • banking details for payment by EFT (check this at the ledger level if an owner has more than one bank account);
  • email address for receiving statements;
  • preference for statements to be sent by email, post or both;
  • option for copy of statement to be sent to another contact;
  • Owner statement format will be your company default unless another option has been selected.

Note that the payment reference for payments to owners by EFT uses the details stored against each ledger.  The reference stored on the owner contact page is used as the default when a new ledger is added for the same owner, or if they were ever paid like a creditor for an expense invoice.

The Change Log report can be used to make a list of new creditors and owners, or changes to your trust account settings, below is an example of the types you might include in your report: