Where a Source Financial Line Item is funded by a trust account, you will need to Verify the availability of source funds. By verifying source funds, you are providing an acknowledgment that the funds required for the Source Financial Line Item have been received from the client for the purposes of the property transaction.
A Payment Authoriser must Authorise each Source Financial Line Item that is funded by a trust account. By authorising the Source Financial Line Item, the Payment Authoriser is providing their authorisation for instructions to be provided to the Financial Institution to debit source funds from the nominated trust account.
Find your Workspace
Important: In R11.0.0, we're going to remove the Actions Cog button from the Participants and Documents screen. This affects the navigation path to select action items on these screens. We will update the help articles soon to reflect these changes.
To do this:
Navigate to the PEXA Workspace you wish to Verify/Authorise.
You can use the filter to search for a Workspace.
In your Workspace Summary, under Outstanding Tasks, click on Verify Source Financial Line Item(s).
Select Verify Funds from the action cog for that Line Item.
The relevant Partner will sign the Financial Settlement Schedule.
You can remove this verification by clicking on the action cog and selecting Remove Verification.
Navigate to your Workspace (instructions above).
In your Workspace Summary, under Outstanding Tasks, click on Authorise Source Financial Line Item(s).
Select Authorise Funds to Authorise PEXA to send instructions to your Financial Institution to withdraw funds from the trust account.
You will now be taken to a Signing screen.
Review the statement, tick the signing certifications and click Sign Documents.
Enter your signing pin and click OK.
The debit of funds from the trust account has now been authorised.
You can remove this authorisation by clicking on the action cog and selecting Remove Authorisation.
Post Settlement Records
Settlement Completion Record
PEXA allows Subscribers to access a Settlement Completion Record following your successful settlement. This report displays details of all Source and Destination Line Items for the transaction.
To access this report, after settlement has Completed and Disbursed:
Navigate to Settlement.
On the Settlement Status Action cog, select View Settlement Record.
The Settlement Record is produced as a PDF. View, Save and Print as required.
Trust Authorisation Record
When a signer authorises a trust Source financial Line Item, a Trust Account Authorisation Record is created. You have the ability to access the Trust Account Authorisation before and after settlement as documentary evidence of the transaction performed for the relevant trust account Source Line Item.
To access this record:
Navigate to Settlement.
Click on the Sources Tab.
From the Action Cog next to the relevant line item, select View Authorisation Record.
You can now enter these details into your Trust Accounting Software.
PEXA has consulted with trust account regulators in all active jurisdictions and has provided information about PEXA financial settlements and the records produced by PEXA. Each regulator has reviewed the records produced by PEXA in the context of the applicable trust account obligations in their jurisdiction.
The combination of your client file and instructions, the Trust Account Authorisation Record (where applicable) and the Settlement Completion Record are all components of record keeping for a PEXA transaction.
Managers, Administrators and Users with assigned access can generate reports out of PEXA. To generate a report:
Click on Reports in the Main Menu.
A list of reports are available to be generated.
Select the report required.
Enter the relevant details of the report (varied by report).