Whether you're adding a Trust deposit or receiving commission funds on a deal, you'll use the Add a Deposit module in a deal.
First, head to the Add a Deposit menu under the Deal parent menu.
Next, Choose the bank account you're depositing to
Next put your cursor into the Received from field
If you've added your Deposit Payer into the people's page, you can start typing their contact name to populate the payer
Choose the payer OR if you haven't added the contact name of the Deposit payer, you can simply type the full contact name out to add the contact on the fly
Click the grey dropdown to add the payer.
Next, if you record any check, EFT file #, the deal's address, or an adit reference add that into the Reference (see new feature section below on why you'd use the deal's address), any of these references create an audit trail. If using an audit reference, example in the reference you put Agent paid $350 for overpayment of commission, this helps you keep on top of your deal's ins and outs and why!
Choose the deposit date if it's was deposited in the past or leave the default date of today's date in the field.
Now you can choose how you want your deposit to post over to your accounting software, as either a payment receipt or as an invoice via the 'Create as' field
Save all your inputted changes!
How this looks in Xero, Choose Payment receipt and the deposit posts directly to your bank account g/l in your chart of accounts
Choose Request via Invoice, the deposit will create an invoice in Xero under Business> Invoice under either the All or Awaiting Payment tabs.
If you added the deal's address in the reference on the add deposit in Loft, the address will be added to the description in the invoice in Xero, don't worry about how to code your invoice as Loft will post to the correct g/l accounts so no extra work on your part!
Voilà, you're done! Happy collecting!
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