Add/Edit Payment Configuration

Created by Allison Cloyd, Modified on Tue, 17 Jan 2023 at 05:31 PM by Kylie Mitchell

This article explains how to add/edit payment configuration details within the Actionstep Payments Administration screen. 



NOTE: When choosing how payments will be deposited, 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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Operating Account

You can add/edit the details as shown below:- 

 

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Type of AccountDescription
General Ledger accountSelect the General Ledger account this will be used for the operating accounting transactions created by Actionstep Payments. Actionstep will create accounting transactions for the fees that are charged to you for online payments using this GL account. If your system is configured to accept invoice payments into operating, we will create accounting transactions for those deposits using this GL account.
Account numberYour bank account number
Routing numberYour routing number if you are unsure what this is you can try to locate it with an internet search or contacting your bank
Holding account

You will need to create a holding bank account in your accounts list and apply it here.

Invoices will be marked as paid as soon as a client makes an online payment. However, there may be a delay until when those funds are deposited into your operating/business account. To account for this delay, those payments are stored in the holding account and then a deposit is created to your operating/business account when those funds have cleared. That way you can reconcile your business bank account and the dates of the deposits in Actionstep will match with those of the operating/business account.

 

 

NOTE: There must be a linked bank account against both the General Ledger account and the Holding account in your accounts list for it to appear in the dropdown. If you do not want your bank account details visible in the accounts list then use a random bank account number for example, 11111.


 

Click the green "save" button once you have finalized the account details. 

 

Trust Account

 

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Type of AccountDescription
General Ledger accountSelect the General Ledger account for your trust account
Account numberYour trust bank account's number
Routing numberYour banks routing number if you unsure what this is you can try to locate it with an internet search or contacting your bank

 

NOTE: You can only have one trust account nominated for Actionstep payments. If a client has more than one trust account in their matter and you request a trust retainer payment for that matter, when paid, the funds will be deposited to the trust account nominated here.

Click the green "save" button once you have finalized the account details. 

 

NOTE: When an invoice is paid using Actionstep payments to the trust account - this deposit will NOT be automatically applied in Actionstep and the invoice will NOT be marked as paid. This has to be manually entered.


 

 

Online Payment Fees

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This is the expense GL account that will be used for the bank fees associated with  using Actionstep payments.


NOTE: Bank fees are automatically deducted from your business/operating account and a firm withdrawal is automatically created using this expense account.

 

 Click the green "save" button once you have finalised the account details.



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