Trust Account Distributions
Proceed to the Debt Agreement Distributions wizard at Practice level. It will identify the payments due to be made per Job (Administration)
It will allow you to select:
- The relevant period for the distribution. Enter the "Distribution Date".
- All Jobs or a selected Job.
- All creditors or particular creditors.
- If do a bulk run or just creditors, or just the Administration Fee or AFSA Realisation Charge.
- To pay now or at a future date.
- If payments are to be grouped (batched) or not. For example some creditors want individual payments so you may process them first, ungrouped, before processing the remaining distribution run.
- Payment methods default to the Creditors recorded method (EFT, BPAY or CHQ).
The payment calculation is as follows:
- less: Realisation Charge Liability
- less: CT Fees
- less: Cost/Provisions
- less: Fees to pay
Equals: Funds available for distribution.
Funds available for distribution will be paid to each creditor on a prorated basis based on the percentage of the Admitted amount when compared to the total of all claims for that administration.
Fees to pay
You may turn on an application setting that limits the amount of the trustee fees (excluding the controlling trustee fees).
Assuming the setting is turned on the amount calculated as "fees to pay" will be no more that 50% of the total amount available for distribution to creditors.
Is the relevant "as at" date for considering of each component of the calculation. E.g.
- Realisations received as at the relevant date
- RC charges payable as at the relevant date.
- Fees Owing as at the relevant date.
- Costs provisioned as at the relevant date
The creditor values will use the current admitted amount, not the amount admitted as at the distribution date.