Disbursement Profiles are used in Trust Accounting to set preferences for different types of disbursements that may be performed. They are only relevant for accounts connected to Trust Accounting.
Manage Disbursement Profiles on your Trust Account by clicking Settings on the green main menu, selecting a company to work with, then Disbursement Profiles in the accounting section.
Managing Disbursement Profiles
Disbursement Profiles List
Use the tabs above the list to view current (1) or archived (2) Disbursement Profiles.
Click the name link to open a disbursement profile to edit or view.
Create a New Disbursement Profile
Use the green button to add a new disbursement profile.
Set a name for the new disbursement profile, the name should make it clear to the users what the profile is going to do, or when it should be used.
Select Disbursement Types - this determines what kind of funds can be paid out using this profile.
Select reports required. These will be produced and stored each time a disbursement is processed. Many of the reports available are trust accounting reports which you may not wish to produce when running a disbursement. The Close of the Period process is used to generate audit reports, see Trust Accounts for more information on setting up your end of period reports.
Care should be taken in selecting the Owners Statement report, it should only be produced on relevant disbursements to avoid confusion with the contents.
Save Profile to keep these settings.
Some examples of disbursement profiles you might like to set up are:
- Mid Month Payout - disburse all types, produce summary reports (maybe also Owner Statements)
- Bond Disbursement - disburse only bonds, produce summary reports
- Creditor Payments - disburse only creditors, produce summary reports
- End of Month Payout - disburse all types, produce Owners Statement and summary reports
- Once off Owner Payment - disburse only owners, produce summary reports
When setting up an owner, select applicable profiles on their contact to allow funds to be disbursed on their behalf.
Which Reports to Select?
Requirements vary depending on location if you are unsure it is best to check with your auditor for what is required when funds are disbursed. It is generally best to select reports that relate to this disbursement in particular, below is a list of the available reports.
1. Please note, these reports are not always required for a disbursement, they should be included in the close of period reports under Settings > Trust Accounts.
2. These reports show details of the BPAY files and any cheques and should always be included
3. Only Disbursements using a profile with 'Owner Statement' selected will produce owner statements for Owners.
Selecting Disbursement Profiles for a Contact/Owner
In "Contacts" click on owners and choose the contact. At the bottom of the Owner Contact, under Owner Details is where you can select the relevant Disbursement Profiles.
Active disbursement profiles can be assigned to contacts. See Managing Contacts for information about finding contacts. Within a contact file, disbursement profiles are selected in the Owner Details section. All options applicable to that owner should be ticked.
Editing or Archiving a Disbursement Profile
By selecting the Disbursement Profile you can make changes as required and Save Profile (1) to keep the changes. Alternatively, select Archive (2) to remove the disbursement profile.
Confirm Archive Disbursement Profile
Click Archive this disbursement profile to confirm that you want to archive this record.
Restoring an archived disbursement profile.
Access archived disbursement profiles using the tabs above the list. Click Restore to unarchive a profile.
A restored profile will be applied to the same owner contacts as it was at the time of archival.