When a credit note is linked to one owner ledger but needs to offset an invoice on a different ledger, Re-Leased requires a workaround using manual bank statements. This article covers the process for both income and expense credit notes.
Allocating an Income Credit Note Across Ledgers
Initiate a disbursement to pay the income credit note — treat it as a refund by selecting a Creditor Disbursement Profile and locating the tenancy income credit note during the process.
Generate a manual bank statement with a net total of zero, recording the credit note amount as both a debit and a credit. See Importing a Bank Statement into Your Client/Trust Account for guidance on manual uploads.
Reconcile the payment from the bank statement against the prepared (pending) payment for the credit note.
Reconcile the receipt entry against the corresponding income invoice tied to the same tenancy.
Allocating an Expense Credit Note Across Ledgers
Set the expense credit note as paid: open the credit note, select Allocate Credit, choose Refund, and confirm the received payment.
On your bank statement, reconcile the received funds against the paid expense credit note, which appears as a deposit yet to be cleared.
Disburse funds to settle the expense invoice — the amount should equal the credit note total or a portion as required.
Create a second manual bank statement with a net total of zero, mirroring the credit note as both a debit and a credit.
Reconcile the bank statement receipt against the unprocessed deposit recorded for the credit note.
Reconcile the payment from the bank statement against the pending payment for the expense invoice.
Following these steps ensures both the credit note and invoice are marked as paid, funds are correctly allocated to the appropriate ledgers, and the owner statement reflects the transactions accurately.
For Asia-Pacific customers, the term "Trust Account" is used. European customers refer to this as "Client Account". Client/Trust Accounting is not available to customers in North America. For more information on regional terminology, see our Glossary of Regional Terminology.