Tracking money from import through to payment

Owned by Fiona Wilson, created
Last updated: Dec 06, 2022
6 min read

This guide has been reviewed against our global client base and classed as relevant to all regions

This guide outlines how to follow the flow of money from the import statement screen through to the landlord payment

In the example used below, rent is imported to a property and paid out to the landlord - the guide follows the money as it goes through the system

1. Importing funds

Once the tenant has paid in their funds this can be imported

From Lettings (on main menu):

  • Click Daily Accounts Processes and select Import Receipts from Bank Statement
    Using the payment reference, the system will try to link the payment to a tenancy

  • Select whether to auto allocate the receipt or to just post the money to be allocated at a later stage

2. Reconciliation

After posting, the funds need to be cleared via the Bank Reconciliation screen

From Lettings (on main menu):

  • Click Daily Accounts Processes and select Bank Reconciliation
    You can now post these receipts to the tenancy

  • Your bank balance is not updated until this money is posted via the bank reconciliation

3. Pay rent invoice

Any receipts that were not auto allocated to invoices will now show on the Unallocated Tenant Receipts screen

Receipts can also be directly receipted and tracked through the tenancy

From tenancy:

  • In the Accounts functions panel (bottom right), click Receipts

  • When there are unallocated payments, a prompt is displayed, click Yes

  • The Tenant Receipts screen is displayed to allocate the funds to specific invoices
    If you have multiple receipts, each receipt needs to be allocated individually

4a. Following the money: allocations

Once allocated, transactions on the tenancy can be viewed to see the flow of the money

View Transactions screen

From tenancy:

  • In the Accounts functions panel (bottom right), click View Transactions

  • To display details of the allocations linked to a transaction, right-click over the transaction and select Highlight allocations (the allocation will be highlighted in yellow)

It is also possible to view related allocations via the Nominal Transactions screen

From tenancy transactions (shown above):

  • Double-click over the transaction to open the Nominal Transactions screen

  • Click Allocations tab
    This tab shows any related allocations - the total at the top matches the total allocation amount for the selected transaction - if the value is negative money, it has been deducted from this transaction, if it is positive - it has been added to the transaction

    The screenshot above shows the allocations for the tenant receipt, therefore shows a negative value, as the funds were paid across to the rent invoice

Various other functions are available:

  • Double-click From Code to display information on the transaction where the money came from

  • Double-click To Code to display information on where the money went to

Allocations will only ever show transactions in the same ledger - to see the money move over to another ledger, the Transfers tab should be used

4b. Following the money: transfers

When dealing with rent:

  • Once rent is paid, the Transfer tab will show details of the rental invoice transaction

    • To: indicates that money has been moved from this ledger to another

    • From: indicates that money has come from another ledger to this one

    • To show the money on the landlord ledger, double-click the entry

You can also follow a transfer:

  • Right-click the item and select Locate transfer record on related statement

Once the money is on the landlord ledger, the landlord payment can be processed, see next step

5. Landlord payment

Funds should be processed via the Landlord Payment Run

From Lettings (on main menu):

  • Click Daily Accounts Processes and select Landlord Payment Run

  • To view further information on a specific payment, double-click over the line to display the landlord payments screen

You can also access the same information via the landlord record and clicking Payments (top left)

  • Payments will auto allocate any funds to landlord debits and will look to pay out the remaining credits - once posted, the money will move to the BACS and Cheque Run and will create a new transaction on the landlord ledger

  • From the landlord transactions screen, highlighting allocations will show everything the payment consists of
    To highlight allocations, right-click and select Highlight allocations (as seen in step 4a)

  • Double-click a payment to access Nominal Transaction detail for that payment

  • The Allocations tab shows multiple items that make up the payment

  • Both positive and negative payments can be seen, the Total (top left) matches the payment amount

6. Check paid status

Once a payment is made out of the system, the status of it can be tracked

From Transactions:

  • Locate the payment and double-click to open the Nominal Transaction Detail screen

  • The Payments tab details of the amount that was paid out and when the payment was made

  • The Paid tab shows when the money has been paid out of the BACS and Cheque Run
    If the tab is blank, this indicates that the money is still in the BACS and Cheque Run

  • Once paid out of the BACS and Cheque Run, the Paid tab will show details

7. Reconcile payments

Once paid out of the system:

  • The money will need to be reconciled via the Bank Reconciliation function - this confirms that it has left the system

  • Once posted, the system balance will be updated

  • When returning to the landlord payment transaction, the linked statement can be seen, indicating that the payment out has been cleared