Chapter 10. Entering transactions
Tip: Before you begin entering data into HandiTrust 2015, it is important that you have a sound understanding of the operation of trust cards. Many problems experienced by
HandiTrust 2015 operators are due to a lack of understanding regarding trust cards.
Using HandiTrust 2015, you can record deposits of money into your trust bank account. There are two different ways of entering a deposit:
ATO refund
Other deposits
You can also record withdrawal of money from your trust bank account, and adjustments to the trust bank account.
Adjustments generally do not alter the overall balance of the trust bank account. This is because adjustments tend to move money from one trust card to another.
Note: The balance of your trust bank account equals the balance of all the trust cards associated with that bank account. Consequently, when you transfer funds from one trust card to another, the overall balance of the trust bank account does not change.
Tip: For information on the data entry windows, press F1 to display the online help.
Receiving a client’s ATO Refund
You can record the deposit of a client's ATO Refund in two ways:
Manually type the information into HandiTrust 2015.
Transfer the ATO Refund information from HandiTax.
Manually enter an ATO Refund
You can enter an ATO Refund manually via the "ATO Refund" window.
This may result in HandiTrust 2015 creating:
A receipt transaction item. The receipt transaction item records deposit of the ATO Notice of Assessment. This transaction item is always created.
A payment transaction item. The payment transaction item records withdrawal of part (or all) of the ATO Notice of Assessment from the trust bank account.
Two service fee transaction items. Where the your firm deducts a 'fee for services rendered' from the client's ATO Notice of Assessment, (a) a service fee transaction item is recorded against the client's trust card, reducing the balance of the client trust card; and (b) a service fee transaction item is recorded against the firm's trust card, increasing the balance of the firm trust card.
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Chapter 10. Entering transactions
To record an ATO Refund manually:
1. From the Input menu, click ATO Refund.
HandiTrust 2015 will open the "ATO Refund" window.
HandiTrust 2015
Figure 39: The “ATO Refund” window
2. Complete the “ATO Refund” window as required. Under Details, enter the amount received via cheque or EFT in the Cheque or EFT fields respectively.
3. If you are transferring the money to the client via EFT, select the
Pay by EFT check box and complete the account detail fields. If this is the first time, you can click to save the account details to the client record.
4. Click Save.
If you selected the appropriate forms, HandiTrust 2015 will print the receipt and cheque and letter.
HandiTrust 2015 will return you to the “ATO Refund” window, so that you can enter the next
ATO Refund.
5. To exit from the “ATO Refund” window, click Close.
Transferring information from HandiTax
You can transfer ATO refund information from HandiTax 2015 into HandiTrust 2015, thereby reducing the amount of typing required.
Note: The Transfer from HandiTax 2015 is available only for Individual tax returns. For other tax form types, you must manually input the information into HandiTrust 2015.
Before you can transfer information from HandiTax 2015, you must:
1. Configure HandiTax 2015.
2. Create and lodge the Tax Return.
3. Process the ATO Notice of Assessment.
4. Transfer ATO Refund information from HandiTax 2015.
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HandiTrust 2015 Receiving a client’s ATO Refund
Configuring HandiTax
Before you can transfer ATO Assessment information from HandiTax 2015 into HandiTrust
2015, you must correctly configure HandiTax:
1. Complete the “Front Cover Default” window.
HandiTax 2015 stores details of your firm’s postal address and trust account number in the
“Cover Defaults Options” window. HandiTax 2015 may insert this information onto the front cover of your clients’ tax returns.
To complete HandiTax’s Front Cover defaults:
In HandiTax 2015, from the Options menu, click Front Cover Defaults. The “Cover
Defaults Options” window will open.
Complete the details of your firm’s postal address.
Complete the details of your firm’s trust bank account.
Click OK.
2. Complete the Fee From Refund field.
The
Fee From Refund field in HandiTax 2015 affects where the ATO will send the client’s
Notice of Assessment. Before you create and lodge the client’s tax return:
In HandiTax 2015, from the Client menu, click Open Clients/Tax Forms.
Highlight the required client and tax form.
Click TaxForms and then Edit. The “Client’s Tax Forms Detail” window will open. The
Fee from Refund setting is displayed in the centre of this window.
Select Fee From Refund, click Save and then Close.
Processing the ATO Refund in HandiTax
Before you can transfer ATO Assessment notice information from HandiTax 2015 into
HandiTrust 2015, you must record that information in HandiTax as follows:
1. In HandiTax, from the
Client menu, click Assessment Notice.
2. In the
Tax File Number box, enter the client's TFN and then click OK. The “Assessment
Update” window will open.
3. Complete the “Assessment Update” window. The boxes which relate to the transfer to
HandiTrust 2015 are:
Notice Received On. This date becomes the transaction date in HandiTrust 2015.
Refund. Indicates if the client received a refund from the taxation office.
Assessment. Amount of the ATO refund.
Deposit in Trust Account. The account number of your trust bank account.
Note: This must be the number entered in the Account No field on the HandiTrust
2015 “Bank Account Detail” window, and not the number entered in the Account Ref field.
Amount. Dollar amount to be deposited into your firm's trust bank account.
Fee. Amount of any service fee.
Note: After you complete the Assessment Notice information, the \Hsoft\Data\Ht_Hta.Dat file will be created. This file is used to transfer information from HandiTax 2015 to HandiTrust
2015.
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