Setting up accounts setting for Actionstep payments

Created by Allison Cloyd, Modified on Mon, 14 Nov 2022 at 01:10 AM by Allison Cloyd

This article explains how to set up the account setting for Actionstep Payments 

Go to Admin > Payment Facility > Accounts Settings

If you have not configured any account setting before you will be prompted with this sceen

 

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NOTE

A consideration when applying these settings is that when a payment for an invoice is received into the operating/business account Actionstep will create a deposit and mark this invoice as paid.

When a payment for an invoice is received into trust this is NOT applied automatically or marked as paid it has to be manually entered. 

 

If you have set up account settings before but wish to change these settings, click on the change button and you will be taken to the same options as shown above. 

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Below is a description of what each option means:- 

1. Split combined payments between trust and operating accounts - If an online payment is for both a trust retainer and for an invoice, we will deposit the retainer portion into a trust account, and the rest into your operating account.

An example of this is below. There is an invoice amount of $1,312.50 and a retainer request of $1,200. The customer can pay the invoice amount and/or the retainer request. The $1,314.50 will be paid into the operating/business account and the $1,200 will be paid into the nominated trust account. 

 

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2. Put combined payments into trust account - If an online payment is for both an invoice and trust retainer, we will deposit the entire amount into a trust account. Payments for invoices only will still go to the operating account. 

Below are scenerios and outcomes to explain this more clearly. 

Customer pays trust retainer only - funds are deposited into trust account. 

Customer pays trust retainer and balance of invoice(s) - funds are deposited into trust account. 

Customer pays balance of invoice(s) - funds are deposited into operating/business account. 

NOTE

You would choose this option if you only want one deposit amount per payment regardless of whether this payment is for multiple items. 

 

 

 

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3. Put all payments into trust account - If an online payment is both an invoice and trust retainer, we will deposit the entire amount into a trust account. 

An example of this is below. There is an invoice amount of $1,312.50 and a retainer request of $1,200. The customer can pay the invoice amount and/or the retainer request. The full $2,512.50 will be paid into the trust account. 

NOTE

Even if the customer is paying an invoice only it will be deposited into the trust account.

 

 

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4. Put all payments into an operating account - All payments received will be deposited into an operating account. Trust retainers will not be able to be set [[check this or can they still be set but the funds go into operating?]]. 

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Once you have chosen which method is your preference you will need to set up the physcial bank account details or where deposits of funds will be made. 

 

Payment Configuration

NOTE

If you have chosen option 4. Put all payments into an operating account then you will not see the option to add a trust account. 

 

 

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For more information on setting up your bank account details - click here Add/Edit Payment Configuration