Payout / Destination item

[George1]

Hi,

Doing my first sale.

Does the bank enter the Payout in themselves under Vendor Destination items?

And secondly once they provide the payout can they still take all funds proceeds or do you still need to have a separate account for the client?

The bank in this transaction is NAB.

Thank you in advance. 

[FionaRiches]

Hi George

The Bank will enter the payout figure into the destination lines for the Vendor (usually on the morning of settlement).

Whether they take all funds depends on the Discharge Authority (the same as a paper scenario).  Just ask them via a conversation if they will enter the surplus to the Vendor's account or whether you need to do this.

Hope this helps !

[sonia-collins]

Hi

Could I also recommend you look under Help Centre > Bank Transfer Tips

https://community.pexa.com.au/t5/Help-Centre/Bank-Transfer-Checklists-tips/ba-p/6974

There are details there that may help you on how and when they do payout figures, as well as their requirements for Surplus Funds. 

I hope this helps 

Sonia

[George1]

Thank you. Much appreciated.