When using the IBD workspace in LEAP, the account must be set up first, and the initial payment must then be processed from the Trust account to the IBD account.

Once the funds are in the IBD account, the IBD app supports transfers in both directions, from Trust to IBD and from IBD to Trust. It records receipts and payments in the appropriate ledgers and allows you to import and record interest, withholding tax, and commission or administration fees.

To set up a new IBD account, first open the account in the IBD workspace and process the initial transfer of funds from the Trust account into the IBD account.

To open the account:

1. Open the matter, then click Trust Funds > Interest Bearing Deposit Accounts.

2. Click New Account on the toolbar. The matter number defaults to the matter you opened, so change it only if the account belongs to a different matter.

3. Enter an Account Name, select the City/Town where the account is held, and enter the Institution and Account No.

4. Enter the Opening Balance. This cannot be $0 and should equal the amount of your first deposit into the account.

5. Check the Account Opened and Payment Received Both default to the current date and can be changed if required.

6. Select a Payment Type and complete the Payment Type Details, including the bank account details, if required.

7. Enter or select who the initial funds were Received From, then enter a Reason.

8. Use the Account Beneficiaries tab to record any additional parties. LEAP allows a maximum of two beneficiaries.

9. Click Save & Close. The account and the opening transaction are recorded under Trust Funds > Interest Bearing Deposit on the matter.

Once the account has been created, return to the Trust Funds tab and process a New Payment to the IBD account. This moves funds out of Trust.

You do not need to record a separate receipt in the IBD account because the opening balance records the funds entering the IBD account.

After the initial payment has been processed, you can use the IBD app to manage the account, and record further transfers between Trust and IBD.

Do not use the IBD app to process the initial payment from Trust to the IBD account. Doing so creates a duplicate entry in the IBD account because the opening balance is recorded as part of the account creation process.

Yes. When interest is imported into LEAP, it records the RWT rate applied by the bank, so different matters can use different rates.

If a matter’s rate changes during the year, or interest was taxed at more than one rate, the RWT certificate shows the average rate for the year. This is one of the rate disclosure options permitted by the Inland Revenue Department.

This depends on the firm’s preferences. Some firms charge an IBD administration fee, while others do not. LEAP supports either approach.

Yes. A term deposit can be held in an IBD account, provided the funds earn interest.

Yes. If the interest or fee is recorded against a matter, you can generate a report for that matter. This is useful when you need the figures to process bulk interest transactions manually.

Draft transaction requests are planned for a future Transaction Requests release.

You can preview attached documents if they are saved in the matter’s Correspondence list, so you do not always need to open each document separately.

The ability to edit an approved transaction request is planned for a future Transaction Requests release.

If you need to attach more than five documents to a Transaction Request, use the Create combined PDF option to combine the supporting documents into a single file. You can then attach the combined document to the Transaction Request.

No notification is currently displayed. This feature suggestion has been recorded for future consideration.

1. Click the LEAP Menu > Accounting >under General > Transaction Requests.

• • Locate the request in the list. You can use Advanced Search to find a specific request if needed.

2. Double-click the request to open the View/Edit

3. Click the Delete icon (trash icon).

• • When prompted to confirm that you want to delete the request, click Yes.

Before you begin, ensure that you have recorded all final transactions, including the withdrawal of remaining funds. The account balance must be zero before the account can be closed in LEAP.

Steps to Close an IBD Account

1. Open the matter.

• • Click Trust Funds > Interest Bearing Deposit Accounts.

  • Use the drop-down menu at the top of the ledger to select the account you want to close.

  • Click the ellipsis icon next to the account to view its details.

2. In the window that opens, click the ellipsis icon in the top right corner.

3. Select Close account.

4. Confirm the action when prompted.

 Important Considerations

Final Withdrawal: If you have closed the account at the bank, you must first record a New Transaction in LEAP to show the withdrawal of the current balance.

Transfer to Trust: If these funds are being moved into your General Trust Account, ensure you also record the corresponding Trust Receipt within the General Trust tab to reflect the movement of the money.

Both transactions can be recorded using the IBD App.

Bank account numbers cannot currently be populated automatically. This feature suggestion has been recorded for future consideration.

Each IBD account in LEAP supports a single DSN (Deposit Scheme Number). If multiple DSNs apply, create a separate IBD account for each DSN.

LEAP provides an account number field on every IBD account. This is a free text field, so you can enter the DSN or another reference that helps you identify the account.

IBD V2 is now available.

Development of the next version of Transaction Requests is continuing. We will communicate the release date once it has been confirmed.