How-To:Transit Money: Difference between revisions

From ContactsLaw Documentation
No edit summary
 
(11 intermediate revisions by 2 users not shown)
Line 1: Line 1:
This section of ContactsLaw provides a procedure of transmitting money through cash, cheque, or digital payments. This structure ensures that financial records and transactions are organised clearly and efficiently for each business you operate.
{{DISPLAYTITLE:How to Record Transit Money}}
 
[[Transit Money|Transit money]] refers to funds (usually in the form of cheques) which are held by law practices on behalf of clients and endorsed to third parties. This article explains how to record transit money in the [[Desktop App]].
Transmitting money refers to the process of sending money on behalf of a customer using methods such as wire transfers and electronic funds transfers.
 
This article is an extension of one of our trust accounting features. The below guide will explain how to transmit money in ContactsLaw:


== 1. Getting Started ==
== 1. Getting Started ==
To record transmit money:
To record transit money:


* Option 1: Proceed to the ribbon group and click ''My Business''.
* '''Option 1''': Proceed to the ribbon group and click ''My Business''.
* Go to the ''Trust & CMA'' section and choose ''Transmit Money''.
[[File:Step 1 - Transmit Money.png|none|thumb|400x400px]]
* Go back to the ribbon group and click on ''Transit Cheque''.  
* Go to the ''Trust & CMA'' section and choose ''Transit Money''.
* Option 2: Navigate the ribbon group, click on ''Home'' and proceed to ''Trust & CMA''.  
[[File:Step 2 - Transmit Money.png|none|thumb|500x500px]]
* Dropdown the ''Trust & CMA'' section and select ''Record Transmit Money''.  
* Go back to the ribbon group and click on ''Transit Cheque''.
[[File:Step 3 - Transmit Money.png|none|thumb|500x500px]]
* '''Option 2''': Navigate the ribbon group, click on ''Home'' and proceed to ''Trust & CMA''.  
[[File:Step 4 - Transmit Money.png|none|thumb|400x400px]]
* Dropdown the ''Trust & CMA'' section and select ''Record Transmit Money''.
[[File:Step 5 - Transmit Money.png|none|thumb|500x500px]]


== 2. Specify Options ==
== 2. Specify Options ==
 
[[File:Step 6 - Transmit Money (Window).png|none|thumb|500x500px]]
* '''Received on''': This is associated with the ''Date''.  
* '''Received on''': This is associated with the ''Date''.
* '''Matter''': All transit money needs to be associated with a ''[[Matter]]''.
* '''Matter''': All transit money needs to be associated with a ''[[Matter]]''.
* '''Received from''': This option is associated with [[Contact]].  
* '''Received from''': This option is associated with [[Contact]].
* '''Drawer''': Refers to a different person who the funds was received from which specifically a [[Contact]].  
* '''Drawer''': Refers to a different person who the funds was received from which specifically a [[Contact]].
* '''BSB''': Bank Statement Number
* '''BSB''': Bank Statement Number
* '''Payee''': This option will determine who the money is going to specifically [[contact]].  
* '''Payee''': This option will determine who the money is going to specifically [[contact]].
* '''Payable to''': The name written on the cheque.  
* '''Payable to''': The name written on the cheque.
* '''Amount''': State the exact amount of the transaction excluding the tax its GST.  
* '''Amount''': State the exact amount of the transaction excluding the tax its GST.
* '''Description''': Describe what the transaction is all about.  
* '''Description''': Describe what the transaction is all about.
* '''Related document''': This is where you upload the proof that certain transactions for clients exist.
* '''Related document''': This is where you upload the proof that certain transactions for clients exist.
* '''Status''': Currently, all transit money defaults to being in the status of being held.
* '''Status''': Currently, all transit money defaults to being in the status of being held.
* Review the details and click ''Save & Close''.  
 
* Review the details and click ''Save & Close''.


== 3. Released Option ==
== 3. Released Option ==


* After saving & closing the created money transmit, you will be able to locate it in the ''Transmit Money Ledger'' and filter it according to the current date.
* After saving & closing the created money transit, you will be able to locate it in the ''Transit Money Ledger'' and filter it according to the current date.
* Click the transaction, proceed to ''Status'' and you may change it from Held to Released which additional detail needs to fill up.
[[File:Step 7 - Transmit Money.png|none|thumb|500x500px]]
* '''Released on''': This is associated with ''Date'' when you released the money.  
* Click the transaction, proceed to ''Status'' and you may change it from Held to Released which additional detail needs to fill up.
* '''Released to''': To whom you released the money.  
[[File:Step 8 - Transmit Money (Released Option).png|none|thumb|500x500px]]
* '''Released on''': This is associated with ''Date'' when you released the money.
* '''Released to''': To whom you released the money.
* '''Evidence of release''': This is where you upload the proof that you released the money (e.g. receipt number or transaction reference number).
* '''Evidence of release''': This is where you upload the proof that you released the money (e.g. receipt number or transaction reference number).
* Review the details and click ''Save & Close''.
[[Category:How-To]]
__FORCETOC__

Latest revision as of 23:36, 2 December 2024

Transit money refers to funds (usually in the form of cheques) which are held by law practices on behalf of clients and endorsed to third parties. This article explains how to record transit money in the Desktop App.

1. Getting Started

To record transit money:

  • Option 1: Proceed to the ribbon group and click My Business.
Step 1 - Transmit Money.png
  • Go to the Trust & CMA section and choose Transit Money.
Step 2 - Transmit Money.png
  • Go back to the ribbon group and click on Transit Cheque.
Step 3 - Transmit Money.png
  • Option 2: Navigate the ribbon group, click on Home and proceed to Trust & CMA.
Step 4 - Transmit Money.png
  • Dropdown the Trust & CMA section and select Record Transmit Money.
Step 5 - Transmit Money.png

2. Specify Options

Step 6 - Transmit Money (Window).png
  • Received on: This is associated with the Date.
  • Matter: All transit money needs to be associated with a Matter.
  • Received from: This option is associated with Contact.
  • Drawer: Refers to a different person who the funds was received from which specifically a Contact.
  • BSB: Bank Statement Number
  • Payee: This option will determine who the money is going to specifically contact.
  • Payable to: The name written on the cheque.
  • Amount: State the exact amount of the transaction excluding the tax its GST.
  • Description: Describe what the transaction is all about.
  • Related document: This is where you upload the proof that certain transactions for clients exist.
  • Status: Currently, all transit money defaults to being in the status of being held.
  • Review the details and click Save & Close.

3. Released Option

  • After saving & closing the created money transit, you will be able to locate it in the Transit Money Ledger and filter it according to the current date.
Step 7 - Transmit Money.png
  • Click the transaction, proceed to Status and you may change it from Held to Released which additional detail needs to fill up.
Step 8 - Transmit Money (Released Option).png
  • Released on: This is associated with Date when you released the money.
  • Released to: To whom you released the money.
  • Evidence of release: This is where you upload the proof that you released the money (e.g. receipt number or transaction reference number).
  • Review the details and click Save & Close.
Retrieved from "https://docs.contactslaw.com.au/index.php?title=How-To:Transit_Money&oldid=1906"