BTMsoft Trust Account was designed to automate the process of Fee from Refund.
Each time you receive refunds from ATO, you also receive an EFT report via ELS. You can import this report directly to our software. Each refund will be matched by TFN to your Clients and recorded in a most-recently created open job. If there are no open jobs, new job will be automatically created.
Form TA03 Manage refunds contains details of all your Clients’ monies. Balance should match balance in your account: if the balance doesn’t match, please check here for solutions.
Did you pay and advances to Clients? If such advances have been recorded, they appear on the list and the sum of all advances available from these Clients is shown on the Total Advances. You can make one transfer for all advances, and each payment will be recorded separately in Client’s job. Please use Ref to track this payment and details later). After the transfer is made, please click on Save in this row to save these payments. Please make sure you have the same Ref in the bank transfer and when clicking ‘Save’ to be able to match this payment to bank statement.
Manage refunds also has a list of all fees recorded for the job (Total fees). Below the list is a sum of these fees. You can make one transfer for all these fees, and the system will record each fee separately in the job. Please use the reference (Ref) next to Total fees on the bank transfer. Make sure you have the same Ref in the bank transfer and when clicking ‘Save’ to be able to match this payment to bank statement.
Final step is to pay out refunds. Click on ‘Pay’ to select refund for payment. Click on ‘Fin’ to close the job after payment is made. You will see the ‘Total Payments to Clients’ as your total payout amount. Click ABA button will produce an ABA file which you can import to your internet banking (read more). This file contains details of a multiple transfer: all selected payments will be processed in one go.
After the transfer is accepted by the bank, you can click Save. Each selected payment will be recorded in Client’s job as a payout. Please do not change selections for payout or Ref after you made the ABA transfer, as you will have difficulties in matching bank statement to your records.