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.
When an owner ledger is no longer active and you need to tidy up your account, archiving it is a neat solution. Archiving removes the ledger from active view while retaining the data, allowing you to restore it later if needed. This article outlines the steps for both archiving an unused owner ledger and restoring it when necessary.
Prerequisites for Archiving an Owner Ledger
Before archiving an owner ledger, ensure that the ledger meets the following conditions:
- The current balance is zero.
- There are no uncleared funds lingering in the account.
- All fees have been paid off — there's nothing outstanding.
- No active invoices or credit notes are associated with the ledger.
- There's no ongoing rent collection for any active tenancies linked.
- It's not currently tied to any property (detaching ledgers from properties is a must).
How to Archive an Owner Ledger
To neatly archive an owner ledger, just follow these simple steps:
- Go to the Client/Trust Accounts section.
- Select Owner Ledger Balance.
- Use the Search ledgers field to find the ledger by name, then click Go, or simply select the ledger from the list.
- Once inside the Ledger screen, hit Edit Ledger.
- Choose Archive. A confirmation screen will pop up to double-check your decision.
- Before proceeding, take a moment to generate any final financial reports from this ledger and save them securely.
- Confirm by clicking Archive This Ledger.
Restoring an Archived Owner Ledger
If the day comes when you need to bring an archived ledger back into action, here's how to do it:
- Navigate to Client/Trust Accounts to get started.
- Go to Owner Ledger Balance.
- Toggle the option for Include Archived Ledgers? to Yes.
- In the Search ledgers bar, type in the ledger name, then hit Go, or select from the list provided.
- Find the ledger you wish to restore and select it.
- Press Restore Ledger.
- A confirmation screen will appear to ensure you're restoring the correct ledger.
- Click Restore This Ledger to finalize the process.
By following these steps, you can manage your owner ledgers efficiently, keeping your account organized and up-to-date. Don't hesitate to utilize the archive function to minimize clutter without losing any vital historical data.
See these related articles for further assistance:
- Article 1
- Article 2