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 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 Trust Account, you'll use the bank reconciliation screen to proceed. Here are the steps:
- From the bank reconciliation screen, select the Find and match button.
- Choose Apply to Tenancy Funds.
- 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 > Tenancy Ledger Balance > Search and select the relevant ledger.
Allocation of Funds from the Tenancy Ledger
To allocate funds from the Tenancy Ledger to an invoice:
- Click the Apply to invoice button within the Tenancy Ledger.
- 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.
[Add a screenshot showing how to allocate funds to an invoice]
Processing Refunds to Tenants
If you need to issue a refund to a tenant, here's what you should do:
- Within the Tenancy Ledger, click on Refund to tenant.
- Verify that the tenant's bank details are updated in their contact information before proceeding with the refund.
See these related articles for further assistance:
- Article 1
- Article 2