Statutory Deposit Accounts

Overview

In some jurisdictions, such as in Australia, it is a requirement of your trust regulations that a portion of the funds you hold on trust is transferred to a  regulatory bank account. Actionstep will enable this option based on the jurisdictional plugin that your system is set to. See Notes regarding specific Jurisdictional plug-ins for more details. 

Accessing transactions for your statutory deposits bank account

Transfers to or from are handled through the Trust menu at the top of the Actionstep screen. If you wish to process a new transfer select Adjust Statutory Deposit.

If you wish to see previous transactions to or from your Statutory Deposit Account select Statutory Deposit transaction list.

Process a Statutory Deposit Transaction

Go to the Adjust Statutory Statutory Deposits account as above and fill in the values displayed. All values with a red asterisk  will have to be populated to be able to process the transaction. 

 

Trust Account

Select which trust account the funds are to be withdrawn from or deposited to. In most situations this will be your Trust Current Account. 

Direction

This controls the direction that the funds will be travelling. The option "Pay funds from Trust Account to Statutory Deposits" will create a withdrawal from your trust account. "Receipt funds back into Trust account from Statutory Deposit Account will move the funds back into your trust account. 

Amount Paid / Amount Recieved

The amount of funds to transfer.

Payment Date / Deposit Date

The date the transaction occurred. The transaction you are processing will appear on your bank statement and need to be reconciled so make sure the date is correct.

Reason for payment

This is normally to meet your regulatory requirements but please put in a reason in your own words. You can use a templated reason if you have set one up. 

Paid To / Received From

Select or enter in the Law Society or other details of the entity that the funds are going to or coming from. 

Payment method

The way in which the funds were transferred.

Transaction Reference

Enter in the details of the transaction. The details requested will vary depending on what type of Payment method you chose.

Setting up your Statutory Deposit Account

This is handled in another part of the Actionstep user guide.

See Linked System Accounts - Trust Accounting Administration for more details on how Statutory Deposits are dealt with in Actionstep.