Setting up Debt Agreement Creditors
You can import your creditors (Counterparties) and debts for each new Debt Agreement Administration. The RDAA Administration Fee and AFSA realisation fee are also treated as an unsecured creditor as well for dividend calculation purposes.
You can see more about creating Counterparties here:
Firstly, go to Unsecured Creditors in the Job and click through.
You can template the Sub-Creditor Class at Practice level, or create a new one per Job via Add Account.
Enter the Account Name as Part IX.
Complete the Importing Creditors spreadsheet using the template provided.
- For existing Creditors, you can include just the Creditor Name and ABN, for matching purposes, for new Creditors complete as much information as practical.
- When completing the Debt details follow this method:
Debt Amount |
POD Date |
POD Amount |
POD GST Amount |
Admit For |
|
Initial Estimate |
Date Creditor Confirmed Debt Balance |
Confirmed Debt Balance |
0 |
Balance payable in Part IX |
|
Example |
$ 10,000.00 |
17/12/2021 |
$ 9,852.00 |
0 |
$6,000.00 |
All accounts, expenses and provisions being paid within the Debt Agreement must be entered here. This includes the AFSA Realisation Charge and the Administration Fee. The POD Date for the Realisation Charge and the Administration Fee are the date of acceptance of the Debt Agreement, with the balance the same for each of the three fields (Debt Amount, POD Amount, Admit For).
- You can now upload the file via Importing and selecting Import/Update Creditors.
Select your Claim Type (Sub-Creditor Class) and then the file to upload.
The complete the Importing Creditors instructions regarding the results of the import. Selecting finish once done.
- These figures should now match 100% of what is to be paid within the Debt Agreement.
Your unsecured creditors and unsecured creditor control accounts should now reflect the same balances:
The administration is now ready to pay Dividends.
Comments
0 comments
Please sign in to leave a comment.