NZ - How to Charge Income & Expenditure Fees in REST Professional

Overview

You can set up and charge Income & Expenditure fees in REST Professional. This can be processed before or after you run end of financial year as follows:

• If you want the I & E fee to display on the March statement, charge the fee before running your end-of-month procedure for March
• If you want the I & E fee to display on the April statement, charge the fee after running your end-of-month procedure for March

Charge Fees

First, ensure you have a current backup and rename it to before.ie.charge.dat.zip. If you post charges in error, you can restore to this backup rather then having to reverse the outstanding disbursements.

Confirm the fee amounts and owners to be charged:

1. Go to Transactions > Owner one-off Charge
2. Click Print, a list of the owners and the fees entered on the Owners Taxes & Charges tab is printed. NOTE: Only these owners and amounts will be charged
3. Check that the list of owners and corresponding amounts are correct

Create disbursement for Income & Expenditure Fee:

1. Go to Transactions > Owner One Off Charge
2. Click  Process
3. Enter the Internal Account i.e. AAINCEXP and press Enter
4. Enter a Description.  This description will be displayed on your owner’s statements
5. Enter the Account code
6. Click OK
7. Click Yes
8. All the charges are created as Outstanding Disbursements

When you Process Outstanding Disbursements, the charges will be posted for all owners with sufficient funds and the GST if applicable will be posted to the AAGST account.

Cancelling I & E Fees

The charges can be cancelled while they are still outstanding disbursements:

1. Select Transactions > Cancel Transactions > Outstanding Disbursements.
2. Select Owner charges
3. Enter the owner’s alpha index in the Owner field and press Enter
4. Click Search-F7
5. Highlight the disbursement you want to cancel and click OK
6. Click OK and Yes to confirm the cancellation.