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6.4 - Interest Bearing Accounts

IBA – Open the IBA Account with your Bank, then Create the IBA entering the property, the Sellers name and Buyers name. Then on Behalf of person. Then the on Behalf of Address information, the Date and the details for the Bank Account details.

Next, go to Receipts/Income and enter the Name of the IBA Account, which is the Bank, branch and Account Number. Then who the funds are received from and on behalf of who, then the date and the amount of the funds.

When interest is received, check you are in the correct IBA Account, then go to Receipts/Income, enter the IBA Account details, who the Interest is received from, then the Date and amount of the interest.

When finalising an IBA, advise the Bank for the interest and balance of funds in the account, go to Cheques/Expenses, enter the IBA Account details, then payee the details and the Date and amount of the funds.

You can cancel an IBA Receipt or Cheque in the IBA Cancel screen, enter the IBA Account and select the item, then the reason for cancelling. Press OK.

In Trust Reports, select the IBA Account Statement will print a report showing the status of an Interest Bearing Deposit Account.

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