On settlement day the agency can claim outstanding commission in relation to the sale and any balance of deposit will be released to the Vendor.
In Zenu Trust this process is called an "Account Sale".
If sufficient funds are held in trust to cover the Agency's commission, fees, and deductions, update the status from Unconditional to Account Sale.
Invoice Details:
Commission, Marketing, and Other Charges can be claimed at this point in one combined transaction (Total Due)
Select + to add multiple charges
Trust Details:
Total to "Us" is a combined total of Commission, Marketing and Other Charges
Payment of Surplus to "Vendor" or "Vendor Solicitor" is "Trust Opening Balance" less "Total to Us"
Vendor/Vendor Solicitor:
The Account Sale Statement can be addressed to either the Vendor or Vendor's Solicitor. This is also reflected in the Payment of Surplus to Vendor or Vendor's Solicitor
Invoice Notes:
This is a free text field
Account Sales Options:
Deposit Release may be selected as Settled, Stakeholder, Section 27, or Early Release.
Account Sale Date is the date the Account Sale is processed.
Transaction Date is the date of the transaction to appear on your bank reconciliation.
Selecting Process will create two EFT payments along with an Account Sale Statement.
To generate the Account Sale Statement, select OK
The Account Sale Statement can be emailed to multiple parties, printed, previewed, or saved as a PDF/XPS document.
The status has been updated to Account Sale
Individual transactions created can be viewed via a Trust Transaction Inquiry
Both transactions created at the Account Sale are included in the current bank reconciliation; $21,700.00 to "Us" & $18,300.00 to the Vendor
Disbursing funds to Multiple Vendors
Disbursing funds to multiple vendors can be an efficient way of managing multiple payments.
Update to separate accounts for each Vendor and enter a percentage, or split equally.
Prior to running the Account Sale, EFT details can be entered on each client's card
The client's card is also accessible when selecting Vendor Trust Payment Details
If the "Separate Accounts for Each Vendor" option is selected, the Account Sale is created with 4 EFT payments;
Total to Us: $ 21,700.00
Vendor 1: $ 6,100.00
Vendor 2: $ 6,100.00
Vendor 3: $ 6,100.00
Three Account Sale forms will be generated, addressed to each individual Vendor.