Banking the Trust Funds

The Customer Payment transaction must be directed towards the correct bank account.  It is a statutory requirement in many states that where the purchaser payment amount includes payment for consignment vehicles, the entire payment must be applied to the Trust account and later distributed.  For example if you have sold a consignment vehicle to another dealer, and you have also sold non-consignment vehicles to that dealer and the dealer pays one cheque (or other remittance) towards all sales, then you must bank the entire amount to the Trust Account and distribute it to the other sales separately.

When recording the Customer Payment transaction for a Trust Receivable either direct the payment straight to the Trust bank account, or Add to Trust Account Deposit to later prepare a Bank Deposit for the trust account.