Rules
- You can add further funds to an inactive existing IBD investment, using the IBD deposit process. That will automatically make it active again
- If you are making a full withdrawal, use the full withdrawal process
- Call and term deposits are in one ledger in OneLaw, this mirrors the way the bank operates in that there is one ledger per IBD bank account
- The balance of the IBD ledger in OneLaw should always be the same as the bank balance for the IBD account at the time of reconciliation
New IBD
From the Accounts ribbon, select ‘New IBD’ then select either ‘Call’ or ‘Term’ from the drop-down menu
Type the client number and matter number
Tab to the bank IBD reference - this should match the reference given to the deposit by your Bank
IBD description field can be used to add a note/description to the IBD account (ie: the name of the beneficiary)
Type – drop-down box allows you to change between ‘Call’ and ‘Term’
Commission Rate – this is set in Practice Settings (firm wide) but can be changed as necessary for individual clients
Compound Interest – this is set in Practice Settings (firm wide) but can be changed as necessary for individual clients
Start Date – defaults to today’s date
Enter the amount
‘Save & Close’ to save the transaction and exit the IBD instrument screen
'Save & New’ to save the transaction and continue posting
A term deposit has additional fields – Start Date, Maturity Date and Interest Rate
Double click the line to view a history of transactions for this investment:
IBD add or remove funds
Deposit funds to an existing IBD account
From the Accounts ribbon select ‘IBD deposit’
Type the client number and matter number
The bank IBD reference will automatically appear, check it is the correct one from the drop-down list (it is possible to have multiple IBD accounts under the one matter)
Enter the Amount
‘Save & Close’ to save the transaction and close the IBD deposit posting screen
‘Save & New’ to save the transaction and continue posting