This guide is intended to assist you in updating the Re-Leased Pay accounts whenever there is a change in ownership of a property. Ensuring that the bank account details align with the new owner is a critical step to maintaining seamless transactions and accurate financial records within Re-Leased.
Understanding the Importance of Updating Re-Leased Pay Accounts
When a property ownership transfer occurs, it's important to update the bank account details in Re-Leased Pay to prevent any disruption in the property's cash flow and to comply with financial regulations. This process should be carried out after all outstanding invoices have been cleared and before any new invoices are issued for the property in question.
Accessing Re-Leased Pay Account Settings
- Navigate to Re-Leased Pay Account Settings
- Click on the Contextual Menu [...]
- Click on Edit to make changes to the bank account information.
Update Bank Account and Property Details
- After selecting to edit, click on Select bank account.
- Enter the new owner’s bank account details to ensure accurate processing of all future transactions.
- Double-check that all property details in the Received funds from field are up to date and accurate.
It's crucial that all outstanding invoices for the property in question are settled and that the account details are updated prior to creating new invoices. This guarantees that payments are directed to the correct party and reflects the change in property ownership.