Retaining Outgoings Funds on an Owner 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 guide assists users who wish to retain Outgoings funds within their Client/Trust Account, rather than disbursing all collected funds to the property owner. We will detail a practical way to manage these funds without the need to create separate owner contacts, offering a streamlined approach that works effectively with your existing software setup.


Ledger Disbursement Setting

Unlike a property ledger that is usually fully disbursed, an Outgoings ledger can be set to withhold funds from being transferred to the property owner.


Setting up Additional Ledgers for Retention of Funds

Creating an additional ledger in your Client/Trust Account is the key to holding Outgoings funds:

  1. Navigate to the property in question and select the Ledger tab.
  2. Click on Add/Remove Ledgers.
  3. Add a new ledger that will be used to retain Outgoings funds.

Note: Only ledgers not already tied to a property can be added through this function.


Directing Fees and Invoices to the Outgoings Ledger

To ensure that Property and Tenancy fees are deducted from the Outgoings funds:


Set the Outgoings ledger as Used for Owner Fees in the Edit Ledger section

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Set the Ledger as the Default through the Ledgers tab of the property. 

Enter the required account codes, including the Management Fee code to the ledger by clicking the Edit button next to the ledger


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Budget Reconciliation and Fund Allocation

For budget verses actual reporting, the software will reference:

  • The default ledger connected to the property.
  • Any additional ledgers set up with specific Accounts for Outgoings.

This ensures accurate reflection of actual expenses against the projected budget for each property.


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