The Settlement Calculator can assist you in working out a final property settlement amount for a conveyance matter you are working on. You can enter all the outstanding allowance amounts prior to settlement, and then the calculator will give you the final settlement figure.
To access the settlement calculator, from the Matters window click to select the matter and then click on the Legal Details button in the Top Toolbar.
The Legal Details window will open up. Click on the Settlement tab to access the calculator.
In the left hand column of the Settlement Calculator window, if you haven’t already entered the address of the property when you set up the matter, click on the Address button, which will open up the Matter Address window and allow you to enter the address details. Once these details are entered click on the Close button.
The address will automatically be entered against the matter.
If the property is a unit and body corporate expenses are to be divided amongst lot owners, then you can enter the total number of units (Lots) into the Total Units field and then depending on the Total Units, enter the corresponding Aggregate Entitlement for the property into the Aggregation of Entitlement field.
Next enter the Settlement Date, the Purchase Price and the Initial Deposit into the relevant fields. The Balance and Unpaid Amount fields will automatically be filled in.
If you need to update the details of the settlement in any of the fields in the left-hand column, you will have to click on the Save button in the top toolbar to update the change in the database.
The next step is to start adding allowances, which will allow you to calculate the final settlement amount.
To do this click on the New Allowance button on the Top Toolbar.
The Update Allowance window will open up. From the drop down menu select the type of allowance and then fill in all the relevant fields and click on the Save button. Repeat this process to add in all the allowances prior to settlement.
Depending on the allowance type, the fields you need to fill in will change. There are 6 different field combinations. Refer to the screen shots below to see each one.
If you need to edit an allowance entry, click on it and then click on the Edit Allowance button in the top toolbar. After you have edited and saved the entry, you will then need to click on the Recalc Amounts button in the top toolbar to update the figures.
On the top toolbar there is the New Cheque button. Clicking on this button will open up the Update Cheque window, which will allow you to enter in the details of each cheque including whom the Payee is and the amount.
After all the allowance and cheque details have been entered, you can click on the Documents button in the right-hand side toolbar menu and generate the Settlement Statement template which will list all the details of the property settlement as well as the cheque details.
