Settlement Statements
This article is designed to help you understand how to create a settlement statement, the purpose and how the figures are generated.
User must have Trust Accounts, Commissions and Invoicing modules active for this statement to be generated.
The Purpose
A Settlement Statement is given to the sellers solicitor usually when a contract becomes unconditional. It shows the solicitor how much money is held in trust, the balances of invoices still due and the amount of commission due. If there are enough funds in trust to cover the outstanding invoices this statement will show the solicitor if there is to be an amount transferred to the seller on settlement. If there will be a balance of commission due to the Agency on settlement, the solicitor should pay this amount as part of the settlement funds.
How to create a Settlement Statement
We have added a Settlement Statement button on the modules that it relates to. You can access this button by viewing the listing then clicking on one of the following tabs: Contracts, Commissions, Invoices. We have inserted a Settlement Statement on each of these tabs for easy access. After selecting this button, you will see a preview screen. It is very important to review the details and figures before selecting to either Print to PDF or Send by Email.
Where are the figures pulled from?
The statement uses data from the contract of sale as well as the trust account, invoices and commissions modules. You will be prompted if any of the modules have not had the required information entered. If there are any incorrect figures in your preview screen, go back to where the data was entered to correct it.
Please contact support@arosoftware.com if you would like assistance in using this function or if you would like to activate the required modules.