When entering a financial line item in the Financial Settlement Schedule, you may have the option to enter additional account details. By entering these account details, it assists with the reconciliation of funds for the transaction.
Underlying Account Details for Source funds
Underlying Account Details are applicable to source funds line items and are used for informative purposes. For example, if the source Financial Institution is providing loan funds and they want to record the actual loan account that the funds are coming from. Underlying Account Details appear in the settlement reports.
Final Account Details for Source funds
Final Account Details are applicable to destination fund line items and, similar to Underlying Account Details, are used for informative purposes only. If a Financial Institution or practitioner is disbursing all funds to a single account, they can then enter a final account that shows the actual account that funds are to be disbursed to after settlement (this would be a manual movement external to PEXA). Final Account Details appear in settlement reports and against the financial line item.
Note: This information does not drive any functionality in PEXA. It will appear in the Financial Line Item details.