18-12-2020 09:42 AM
We have a settlement where a director is purchasing from their company. There won't be any funds actually exchanging hands because it is all held in the same bank account and the accountant will have the parties sign the required paperwork after settlement.
I understand that there will be PEXA and registration fees payable and also that the source funds will need to match the destinations funds for settlement to proceed but my question is whether the "balance due to vendor" under the Adjustments and Payments tab will need to be adjusted to show that via PEXA the vendor is not receiving any funds - such as through an adjustment that there is an agreement between the parties that the sum be paid following settlement.
It just seems strange that there be a large sum of money noted to be "due to vendor" but that there is only the PEXA fee for the vendor destination and I didn't know if this would cause a problem with settlement.
Any help would be greatly appreciated.
21-12-2020 09:10 AM
That is a great question to ask. Whilst we do suggest that the "Adjustments" section is utilised in a workspace it is not currently a mandatory section so it if is not completed this will not cause issues with your settlement. Only the "Source Funds" and "Payments" need to match up for settlement to proceed.
In this example if you are entering the adjustments in then you could add an adjustment as an "Additional Fee/Allowance" and title it "Funds Already Paid to Seller" (or something similar) so that it is clear that funds have already accounted for.
Hope this helps.