Navigation:  Financials > Transaction > Transaction Functions > Withdrawal Transaction

This enables the creation of a withdrawal transaction.

 

Note: You can also create withdrawals from Credit Notes [refer Pay Credit Note Function above], from Policies, or from Claim Transactions.   In each case the withdrawal transaction will be created with all data defaulting to make for ease of creation.    Minimal fields are then required to be completed.

 

Click to open the Transaction Detail – Withdrawal screen in the Main Window

 

Ensure that the mandatory fields are entered [e.g. Payee Type and Payee].  Enter the payment amount  and click save Detail tabs are now enabled.

 

Fill out all the relevant details in the window and . This process will allow you to manually process a Withdrawal.  You will need to ensure that the Payee Type, Payee and Class fields are complete.  You will need to confirm the payment method details.

 

Set the status to 'Ready For Printing' and save. The Document Template selector will open with the Remittance Advice document selected. Accept by clicking OK.

 

 

This document will be saved under the Documents Tab, to be available to send via fax or email, or to print and send with the money.

 

If you make a 'self funded' withdrawal from a bank account, when the associated receipt comes in an automatic transfer is created with a short note of "Auto transfer for receipt x" or similar.  Every time you save that receipt you will be reminded that there is a transfer that needs its EFT details entered.  Once those details are entered the prompt no longer appears.

 

PAYMENTS FROM ONE INTERMEDIARY TO ANOTHER INTERMEDIARY

If you are making a payment from Trust to another intermediary (ie: underwriting agency) and this money is required to be paid into the intermediary's Trust Account, you must give notice to the intermediary to this effect.

 

A suggested notice is: "This money has been withdrawn from an account  maintained under s981B of the Corporations Act. You should pay it into an account maintained under s981B of the Corporations Act."

 

This is not required if the money you are paying is to the final insurer as this money belongs to them.