Single Trust Account AFSA Interest Payments

AFSA Statutory Interest Payments on a Single Trust Account

Banking Integration automatically journals the interest and bank fees on the Trust account at Practice level. Banking Integration: Auto create bank charges and interest received

Inspector-General Practice Direction 2 - 1.7 Where the trustee or administrator is charged an amount by a bank in respect of the maintenance of the account, the amount paid is an allowable deduction for the purposes of the interest charge calculation. Where a practitioner operates a single bank account for all their administrations/estates, the interest charge is not required to be calculated for each administration/estate separately.

These payments are managed from the Trust Account at Practice Level - please review: Creating Trust Account Distributions