Bulk EFT is the facility to transfer funds out of trust and into another bank account (usually the practice’s general or office account).
This is the main instrument in the system to reflect funds taken out of trust as payment towards invoices against matters.
Applying Trust Monies to an Invoice
Navigate to the Bulk EFT page via the App Launcher.
1. Filtering
The Bulk EFT screen lists all outstanding invoices in the system from matters that have available funds.
The filters on the top of the page can be used to refine the list of invoices for processing.
Most commonly, the Invoice Date Up To filter is used to only list invoices up to a specific date to respect the practice`s policy of delaying trust transfers as payment against invoices by a number days (e.g. 7 day holds)
2. General Bank Account selection
Enter the General Bank Account onto the Bank Account field.
Its details will be used for the BSB, Account Number, and Payee information of the resulting withdrawal.
3. Select Invoices for Payment
Select the list of invoices that need to be paid out of trust.
If multiple invoices from the same matter are to be processed, the available funds are allocated by date priority (i.e., available funds are allocated to invoices from earlier dates until either there are no more funds to be allocated or all invoices have been paid).
4. Select Transfer Amount (Optional)
The column labelled ‘Transfer Amount’ can be used to specify a different amount to be transferred (rather than the total unpaid amount of the invoice).
Validation rules are applied to the cell, when the Save button is clicked:
The transfer amount can't be more than the amount unpaid
The transfer amount can't be more than the available funds
The transfer amount can't be less than or equal to 0
Once a value has been saved, that amount overrides the Amount Unpaid when the invoice is processed.
5. Process Invoices
The Process Invoices button on the top right then produces a withdrawal record comprised of individual withdrawal lines (1 line per invoice) representative of the amount taken out as payment for the listed invoice.
6. Apply Payments
On the resulting withdrawal record, the Apply Payments button needs to be clicked in order to record the funds taken as payment against the invoice, effectively reducing the amount unpaid.
7. Sync to Xero (Optional)
After the payments have been applied, users have the ability to sync the Bulk EFT withdrawal as a transaction in Xero to be reconciled.
Requirements for Syncing to Xero
- The invoices paid via the Bulk EFT withdrawal need to have been synced to xero prior
- The General Bank Account record in Unity PMS has its corresponding Xero ID so that the transaction can be recorded in Xero accordingly