The Simple Fee from Refund Solution
Fee From Refund solution or FFR is a commonly used term by Tax Practitioners where they deduct their professional Fee From Refund when the ATO refund hits their trust account. If tax practitioners provide this service, they must maintain a separate trust account and get it audited once a year. Hence there is a need for a specialised trust accounting software incorporating a simple Fee From Refund solution that can take the compliance burden out while providing this service.
It’s hard to manage this service due to compliance and other manual work associated with Fee From Refund service and many tax practitioners in the past had stopped providing this service. TrustEasy brings back this revenue opportunity for them. It provides a simpler and faster solution to manage the entire Fee From Refund cycle with ease.
TrustEasy team went into minute details to take the headache out of this entire process. To give an example, you can enter the additional charges for Fee From Refund service under “Disbursement” on a global setting (Firm Setting) and it will automatically deduct that amount from every refund along with the standard professional fee.
Another example is when an .aba file is created for the net refund amount payable to clients, it creates an .aba file for the firm at the same time so that fees are also paid at the same time. That’s brilliant!
