How to Receipt Unknown Funds in REST Professional

Overview

When monies have been paid into your trust account and cannot be immediately identified or allocated, the funds can be temporarily receipted into an internal account in REST Professional such as AASUSPENSE or AAUNIDENTIFIED. To create an internal owner in REST, please refer to "How to Create an Internal Owner Account in REST Professional".

Steps

1. Go to Transactions > Sundry Receipts or click on the icon
2. Enter the Alpha index of the property and press ENTER
3. Enter the details for the unknown funds:

•  Incl GST – Amount to be credited & remove the GST if this is not applicable
•  Description – Unknown funds received on xx/xx/2015
•  Account code – Use N/A
•  Management Fee % - This field should be left blank

4. Click OK-F12

      

　

5. Enter banking details:

•  Payment method – Direct deposit
•  Received date – Date the money was received
•  Received from – Unknown funds to trust
•  Banked date – Enter the date that it appeared on the bank statement

6. Click OK–F12

NOTE: To disburse unknown funds, please refer to "How to Disburse Unknown Funds from an Internal Account"