Reconciling Owner Contributions Funds

  • 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 provides a a guide on how to handle funds from an owner contribution when they have transferred funds to your trust account. By the end of this guide, you'll know how to raise an income invoice and reconcile the funds into the owner's ledger within your Trust Account.


Raising an Income Invoice for Owner Contributions

When a landlord contributes funds to cover expenses, it's essential to accurately record this transaction. Follow these steps to raise an income invoice and ensure the funds are correctly reconciled:

Step-by-Step Process

  1. Navigate to the Owner Contact.
  2. From the left-hand menu, choose the Invoices & Credits option.
  3. Click on + New Income Invoice button located to the upper right side.
  4. Select the Related Property that corresponds to the owner's contribution to ensure it's recorded against the correct ledger.
  5. Enter a clear transaction description that will be shown on both the invoice and Owner's Ledgers.
  6. Choose the appropriate Chart of Accounts code. Remember to use an equity code that does not attract any GST or other tax implications.
  7. Press Save & Approve to complete the creation of the invoice.
  8. Unreconcile funds received from the owner can now be reconciled to the invoice. 

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By following these steps, you'll create a transparent record of the owner's contribution, making it easier to manage your Trust Account and maintain accurate financial records.

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