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 is here to assist you in updating and managing your Re-Leased Pay account details, which include adding or modifying bank accounts and ensuring accurate payment flows. We'll navigate through the Re-Leased Pay settings together so you can confidently maintain your account.
Why Can't I Select a Bank Account When Onboarding?
If your Bank Account select list is empty during the onboarding process, it may be due to the absence of a Chart of Account designated as "Bank" in your system. Make sure to set up this Chart of Account to proceed with the Re-Leased Pay onboarding.
Note: For Client/Trust Accounting customers, the Chart of Account must be linked to an active Trust Account.
Adding a Bank Account to Your Re-Leased Pay Account
Add a bank account to Re-Leased Pay to receive secure payments from tenants processed through Stripe. Presently, Re-Leased Pay supports only one bank account per user. If that works for you, setting up your account is straightforward.
- In Re-Leased Pay Settings, click Select Bank Account.
- Choose your bank account from a list based on:
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- Chart of Accounts with type Bank
- For Client Accounting/Trust Accounting, Chart of Accounts associated with an active Client/Trust Account.
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Note: Editing the selected account will notify all admin users via email.
3. To link the account to a property, select receive funds from and choose from the property list.
(Optional for external accounting connections) Select a different Chart of Account to allocate payments against.
Adding Multiple Bank Accounts to Re-Leased Pay
Linking multiple bank accounts to specific properties streamlines your payment allocation process. Here's how to set it up:
- Access the Re-Leased Pay Settings and select +Add bank account.
- Complete the Create account step, then select properties to link to the bank account in Select bank account.
- Complete onboarding. Prior completed steps such as Payment processing fee need not be repeated.
Note: Unassigned property funds default to a designated bank account indicated with a tag next to the account name. To change your default, select the menu next to the account.
Updating your Re-Leased Pay Account:
Once your new Re-Leased Pay account is added, you can:
- Add new bank accounts
- Review processing fee settings
- Access the payments hub
- Edit accounts and set a default bank account
You will have the ability to review account information, check the status of verifications, or gather more necessary information if required.
By following these steps, you can easily add or modify your Re-Leased Pay account details and manage your property-related finances efficiently.