Managing Tenant Funds and Refunds through the Tenancy Ledger

  • Updated

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 aims to guide you through the process of receipting funds into a tenant's ledger and allocating refunds when using a Client/Trust Account. Whether you are processing payments or reconciling received funds, it is essential to handle tenant funds accurately and efficiently. We will cover how to receive funds into the tenant ledger, execute refunds, and apply funds from the ledger to invoices.


Receipting to the Tenant Ledger

When you receive a payment that needs to be allocated to a tenant's ledger within your Client/Trust Account, you'll use the bank reconciliation screen to proceed. Here are the steps:

  1. From the bank reconciliation screen, select the Find and match button.
  2. Choose Apply to Tenancy Funds.
  3. Select the appropriate tenant, input a description of the transaction, and click Continue.

Once completed, the amount will be accessible from the tenancy ledger. To view the funds, navigate to Client/Trust Accounts and click on the Tenancy Ledger Balance option. Use the Search function and select the relevant ledger.  There is also a link to the ledger on the Summary page within the Tenancy.

Allocation of Funds from the Tenancy Ledger

To allocate funds from the Tenancy Ledger to an invoice:

  1. Click the Apply to invoice button within the Tenancy Ledger.
  2. Allocate the complete funds or a portion as needed to the relevant invoice. Note that the invoice must be addressed to the same name as the tenancy ledger.

tenancy ledger apply to invoice.gif

Processing Refunds to Tenants

If you need to issue a refund to a tenant, here's what you should do:

  1. Within the Tenancy Ledger, click on Refund to Tenant.
  2. Verify that the tenant's bank details are updated in their contact information before proceeding with the refund.

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