Summary
Learn how to complete a stakeholder payout by verifying trust account funds, entering solicitor details, and processing the payment securely.
This article covers:
How it works
A stakeholder payout is initiated when the vendor’s solicitor instructs you to release the deposit held in trust, minus any entitlements (e.g., commissions or fees). This process ensures compliance with trust accounting and proper settlement handling.
Before initiating the payout, confirm the following:
- Funds must be available in the trust account
- Vendor Solicitor details must be entered
- Any costs being withheld (e.g., commissions) must be invoiced against the listing
Process a stakeholder payout
Once all conditions are met,
- Go to: Sales > Listings > Accounting > Statement
- Click Stakeholder Payout
- A Pending Transaction will be generated, ready for processing
- Click Process on the pending transaction
- Review or edit the Stakeholder Details
Vendor solicitor information is pre-filled by default.
- Confirm the payment amount
The system selects the full amount held in the ledger by default, less any outstanding invoices.
- To pay the full amount held in the ledger, un-tick Withholding invoices
- To pay a custom amount, change the Amount type from Withhold to Other
- Click Process to complete the payout
Note: The remaining trust balance will reflect outstanding entitlements (equal to unpaid invoices). Excess funds will be included in the stakeholder payment.
What’s Next?
After the stakeholder payout is complete:
- Proceed to Release Trust Money on the settlement or account sale date as usual
Articles in this section
- Make a payment to another office
- Manage automatic and incremental receipt numbers
- Manage ledgers
- Manage trust funds held until release date
- Manage trust money transfers between ledgers
- Perform a stakeholder payout
- Print a trust receipt
- Process a trust payment
- Process trust payments
- Record a dishonoured cheque