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The Beneficiary Checks Module calculates distribution amounts, prints checks and
creates transactions for income or principal distributions to beneficiaries. Distribution
amounts can be fixed or based on a percentage of current-year income.
When you run the program, it calculates the individual beneficiary distribution amounts.
After checks are printed, the program creates transaction entries for each check, ready to
proof and post. At the same time, the year-to-date and life-to-date distribution totals for
each beneficiary are updated so they will be available at any time for easy inquiry.
In the Check Reconciliation, you can mark cleared or voided checks for full reconciliation
functionality.
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The Beneficiary Checks Module adds value to the core system by … |
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- allowing flexibility in user definition of transaction information such as description,
general ledger numbers and distribution purpose. The data elements of the check can
be positioned to fit your existing form layout.
- assuring timely payments according to the frequency and next payment date defined
for each beneficiary.
- allowing a demand payment option when the schedule is irregular.
- allowing you to combine distributions on one check for a common beneficiary of
several trusts.
- providing a check register that can be printed for any historical date range or check
number range.
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- ACH Module creates a file of electronic payments to submit to your bank.
- Tax Forms Module creates 1099-R forms using information that was created by the
Beneficiary Checks Module.
- Positive Pay Exports can be created as a streamlined custom project or by editing
the existing data output to fit your bank’s required layout.
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