Prior to setting up an IBD, the listing must exist in Zenu Trust.
Refer to the article "Create a New Sale in Zenu Trust"
Setup New IBD
Once the property has been linked to Zenu Trust, select "Setup New Interest Bearing Trust Account"
EFT bank account details correspond to the IBD account that was opened specifically for this property
If your bank has not provided you with a specific User ID, you may enter 888888
A User ID is required when uploading ABA files to your bank
Once the relevant details have been entered, save the record
Deposit Funds
Now that the IBD has been set-up, you can transfer the deposit currently held in the trust account across to the IBD.
The original deposit taken should be displayed in the current trust balance
The funds sitting in the Sales Trust Account balance, can now be transferred across to the IBD account
Select "Transfer to Interest Bearing"
The amount of $100,000.00 will be transferred out of the Sales Trust Account
Across to the Interest Bearing
Select OK
All transactions are accounted for in the Deposits, Payments & Trust Balance totals.
This includes the original deposit of $100,000.00 into the sales trust, the transfer of $100,000.00 out of the sales trust across to the IBD, and the deposit into the IBD account.
Printing a Trust Statement will display all three transactions
A deposit into the Sales Trust Account
A transfer payment out of the Sales Trust Account (to the IBD)
A transfer deposit into the IBD Account
Recording the Interest Received in the IBD account
Once the IBD has received interest, this must be recorded as a "deposit"
Process a trust deposit ensuring the deposit is being receipted to the correct account.
Transfer from the IBD
When it is time to transfer funds from the IBD back to the Sales Trust Account, select
"Transfer from Interest Bearing"
In this example, $100,000.00 will be transferred from the IBD back to the Sales Trust
As the interest earned was paid directly to the IBD account, it can also be transferred across to the Sales Trust.
Please note the interest can be added to the original balance of $100,000.00 and, therefore transferred back to the Sales Trust in one lump sum of $100,048.00 (rather than two separate transfers).
The sales trust now holds the total amount of $100,048.00 which is the amount transferred back from the IBD account.
In this example, we will be passing on 50% of the interest earned to the purchaser and the remainder to the Vendor.
Funds cannot be transferred to a purchaser at the Account Sale stage, therefore a new "trust payment" is processed prior to running the Account Sale.
Following the interest being paid out to the purchaser, you can follow the usual process of running an Account Sale
Making the IBD inactive
Once the IBD has been closed, the individual account in Zenu Trust may be made inactive.
Doing this will remove the reference to it throughout the system
Double-click the relevant account
Untick "Active"
Making a trust account "Inactive" will remove it from various areas of Zenu Trust, such as the End of Month Reports, however, the IBD is not deleted in its entirety
