Processing a Statutory Deposit Transaction (AUS)

In Australia, it is a trust regulation requirement that a portion of the funds you hold in trust be transferred to a regulatory bank account. Actionstep enables this option based on the jurisdictional plug-in that your system is set to. (See About Trust Jurisdictions to learn more.)

Before you begin:

• Set up a statutory deposit account. See Setting Up a Statutory Deposit Account (AUS) for more information.

To process a statutory deposit transaction:

1. In Actionstep, go to Trust > Statutory Deposit and choose Adjust Statutory Deposit. (Based on your trust plug-in, this may be called something different.)
   The Statutory Deposits page appears.
2. Click the Trust account drop-down list and choose the trust account the funds are to be withdrawn from or deposited to. In most cases, this will be your trust current account.
3. Click the Direction drop-down list and choose one of the following options:
   • Pay funds from Trust Account to Prescribed account Account, which creates a withdrawal from your trust account.
   • Receipt funds back into Trust account from Prescribed account Account, which moves funds back into your trust account.
4. Enter the amount you are transferring in the Amount Paid / Amount Received field.
5. Enter the date the transaction occurred in the Payment Date / Deposit Date field. Because the transaction will appear on your bank statement and need to be reconciled, make sure the date is correct.
6. Click the Reason for payment drop-down list and choose or enter the reason for the transaction. You can choose an existing reason, enter a new reason (by selecting Other and adding the reason in the field that appears). You can also save the reason you enter as a template so it will be available to use in the future. 
7. In the Paid To / Received From field, select or enter the law society or other details of the entity the funds are being exchanged with.
8. Click the Payment method drop-down list and choose the method that applies. Then complete any additional fields that appear based on your selection. 
9. Click Save to save your changes.