Electronic Remittances
" . . . If the participating depository institution utilizes computerized systems for reporting, then its statements shall be transmitted electronically in a manner acceptable to the Ohio Legal Assistance Foundation . . ." [OLAF Rules - Section 120.51-2-01(C)(3)]
What are electronic remittals?
To improve accuracy and speed data entry, the Foundation has instituted electronic forms for use in remittal of IOLTA/IOTA earned interest statements.
Templates are provided for download from the Foundation web site that provide a simple means of electronically transmitting individual account information to the Treasurer of State.
Microsoft Access and Excel templates are provided for your use. All are simply formatted to simplify data entry and automated processing.
Statement Preparation
The legal or financial institution should download the templates and follow instructions provided to customize them for their use. The templates are provided in a password protected zip file which can be opened using utilities found here. The password used to unlock the zip file is the federal tax identification number assigned to all Ohio IOLTA/IOTA accounts, including the hyphen.
Once the templates are downloaded and customized, a master copy is saved by the institution. Each month, a copy of the master template is completed and uploaded to the Foundation's website at http://www.olaf.org/iolta-and-iota/electronic-remittances/.
Remittal Statement Formats
Microsoft Excel
This is a very straight-forward format that allows an efficient and visually appealing method of data entry and submission of remittal statements.
One template file is provided. Remittal Template.xls consists of two sheets:
- Remittal Summary and Remittal Detail
Remittal Summary provides pairs of labels and data for bank and summary data, one pair per row.
Remittal Detail has two or more lines. The first is provided on the template and provides labels for detail data which is then provided on the second and following lines.
Microsoft Access
This is another straight-forward format that allows an efficient and visually appealing method of data entry and submission of remittal statements.
One file is provided. Remittal Template.mdb consists of two tables:
- Remittal Summary and Remittal Detail, and one report, Summary Info Printout.
Remittal Summary has exactly one row for bank and summary data.
Summary Info Printout displays all the information entered into the Remittal Summary table in a more printer friendly fashion.
Remittal Detail has one or more lines for detailed account data.
Data Structure
Templates are included in this archive for each format.
Remittal Summary
- Bank Name
- Address1
- Address2
- City
- State
- Zip
- ABA Number
- Contact Person Name
- Title
- Department
- Telephone
- Fax
- Report Period-From
- Report Period-To
- Date Prepared
- Remittance This Period
- Plus/Minus Adjustments
- Net Amount Remitted
- Adjustments Explanation
- Check Number
- Check Date
- Trace Number
- Settlement Date
Remittal Detail
- Account Number
- Account Name
- Average Monthly Balance
- Interest Rate
- Interest Earned
- Service Charges
- Interest Remitted