We can now hold funds on behalf of tenants. This feature includes:

  • automatic creation of Tenancy Ledger for residential tenancies
  • option to add ledgers for commercial tenancies
  • option to set up expected amounts and description from Tenancy Details - see below
  • receive funds into the tenants ledger when processing payments or reconciling funds received - see below
  • option to refund from Tenancy Ledger
  • option to apply funds from Tenancy Ledger to an invoice
  • option from invoices when Tenancy Ledger has funds available

Receiving funds into the Tenancy Ledger

Receiving funds on bank reconciliation when the overpayment has been configured:

Receiving funds to tenancy ledger, from process payment screen:

Refunding Tenancy Ledger funds

  • Access the tenancy ledger from the Trust Accounts menu
  • Click Refund to tenant

  • Enter the refund details, including a description, then click Process Refund
  • Optional: download a file to upload the payment details to your bank

This has processed a single payment disbursement, which is ready to reconcile against after funds have left the trust account. Note the bank file will need to be uploaded to the bank manually.

Applying Tenancy Ledger funds to an invoice

There are 2 options for applying funds to an invoice from the tenancy ledger.

  • From within the Tenancy Ledger, select Apply to Invoice
  • From within an invoice, click the link to apply tenancy funds

Applying the Funds: