In this article, you will learn how to process trust interest receipts within Actionstep.
Trust interest receipts are records of interest that has been paid into an interest-bearing (IBD) trust account. To record a singular receipt of interest, navigate to:
Trust -> Interest -> Receive Interest
The first thing you'll need to do is to select a matter, as well as an associated trust investment account. After you select a date for the interest receipt and a gross amount, you will need to specify whether or not tax and/or fees have been deducted from the interest amount. If you check either of these boxes, new sections will open up, containing fields for you to populate on each respective component.
When you have filled in all of the relevant fields, you can either choose to upload a file against the transaction or click on the button to record the interest receipt.
Multi Interest Receipts
Alternatively, you can process a batch of interest receipts at the same time. To do this, navigate to:
Trust -> Interest -> Receive Interest (Multi)
Once you select a trust account from the drop-down field provided, a new set of options will become visible, including the option to download a sample csv template file. You can populate this template and upload it to process multiple interest receipts at once.
When you receive the csv file of interest receipts from your banking provider, please ensure that you modify the csv file to align with the format of the sample cs.
Once you are happy with the csv file, upload it against the multi receipt and click on the button to record it.