Setting Up a Statutory Deposit Account (AUS)

You can set up a dedicated account in Actionstep to manage your statutory deposits.

Statutory deposits are funds required by law (in Australia) to be held in a separate account by certain types of businesses, often in the legal or real estate sectors. These deposits can serve various purposes, such as guaranteeing client funds or ensuring compliance with regulations.

There are two parts to this process: setting up the deposit account and linking that account to the system account.

Part 1: To set up the deposit account:

1. In Actionstep, go to Accounting > Accounts > Accounts List. The Accounts List page appears.
2. Click the Display drop-down list and choose Master Accounts. The list is updated to show the accounts for the master list. 
3. Click the plus icon next to Trust Funds.The Add Account window appears.
4. Enter the details for the account, noting these specific fields:
   • Account number: Choose a unique number for your organization.
   • Account name: Enter a descriptive name, such as Trust Statutory Deposit.
   • Account type: Select Other Assets.
     
5. Provide any additional information required on the account setup page and click Save to save your changes. 

Part 2: To link the GL account to the system account:

1. In Actionstep, go to Admin > Trust accounting. The Trust Accounts page appears.
2. In the Linked system accounts section, click the ellipses icon for the Trust Statutory Deposit entry and choose Edit.
   The System Account Configuration window appears.
3. Click the Linked account drop-down list and choose the account you have just created.
   
4. Click Save to save your changes.