Entering provisions for other liabilities

Creating other Fees and Expenses with a Debt Agreement

Other fees and expenses can be added such as:

• Balance owing of setup fees.
• Certification expenses
• Insurance costs

For known expenses within the proposal these are included when setting up the the Administration as a creditor: Accepted Debt Agreement Setup - Importing Creditors

• Bank Fees incurred (or estimated)

To deduct an authorised charge, such as a Direct Debit Decline fee, from the Debtor Contributions this can be done via a bulk update through Importing Debtor Contributions.

Example Journal

An example journal can be entered in each job to hold aside funds that may arise during an administration.

Note

• The realisation charge should be Nil

These accounts should be added the the standard chart of accounts:

• Administration expenses (Provision)
  
  
  The account match code entered in the Advanced tab is p
  
  
• Provision for Part X costs
  
  
  
  The account match code entered in the Advanced tab is pro

Note

1. The journal would be entered in the PXPIA job type stage.