For our Asia-Pacific customers, the term "Trust Account" is used, while European customers refer to it as "Client Account". It's important to mention that the Client/Trust Accounting functionality does not apply to customers in North America. For further information on regional terms, check out our Glossary of Regional Terminology.
This article is designed to guide you through the process of handling a single payment made for multiple tenancies in your Trust or Client Account. It could occur when a tenant occupies multiple properties and pays the rent for each with one consolidated payment. In such a case, the Find and Match function in the Bank Statement reconciliation won't work as normal due to system restrictions on combining payments across different tenancies. Follow the steps below to correctly record and reconcile these payments.
Understanding the Payment Errors
When trying to reconcile a collective deposit for multiple tenancies, you may encounter the following errors:
- Error: You cannot combine rent payments for different tenancies.
- Error: Cannot pay invoices for rents across different tenancies.
These errors occur because the system is designed to manage payments for individual tenancies separately. However, we have a solution for you!
Creating Receipts for Each Tenancy
Here’s how to handle a single deposit that needs to be split across multiple tenancies:
- Click on the + button on the Quick Links bar and then select Process Payment.
- Select the Tenancy this payment relates to. If there are multiple tenancies, you will repeat this process for each one.
- Choose the Invoice Number(s) you want to allocate the payment towards.
- Enter the Payment Amount that corresponds to each invoice.
- Fill in the Payment Details.
- Click Process Payment to complete the receipt for this tenancy.
- To add payments for additional tenancies, click Process Another Payment and follow the same steps as above.
Reconciling the Payment to the Bank Statement
Once you have processed separate receipts for each tenancy:
- Go to the Bank Statement reconciliation screen.
- Select your receipts, which should now correspond with the single deposit entry.
- This will allow you to reconcile the deposit across the different tenancies successfully.
[Add a screenshot showing how to reconcile the payment on the Bank Statement reconciliation screen.]
By following these steps, you will now be able to manage a single tenant's payment across multiple tenancies without any trouble.
See these related articles for further assistance:
- Article 1
- Article 2