Identifying a discrepancy
When edits to earlier balances affect the running balance of revenue, a discrepancy between the running balance of revenue and the tabulated totals report may occur.
For example:
A transaction is assigned to Rent in with a 12% management fee on the 10th.
On the 11th, fees are transferred.
On the 12th, the transaction is changed to Deposit in.
This will remove the previous 12% fee from the revenue report.
To check the fees available to transfer:
Go to Admin > Exports > Revenue (Letting agents only),
Tick to include the running balance.
Set the required date range (typically ending on the previous working day).
Once generated, the revenue figure at the top of column L in the export is what is due to be transferred out.
To check the tabulated totals for fees earned over a certain time frame:
Go to Admin > Exports > Revenue (Letting agents only),
Tick to include the tabulated totals.
Set the required date range (typically ending on the previous working day).
Once generated, the report will show a breakdown of total fee earnings.
Resolving a discrepancy
The most common cause is that bank lines are not locked via the month-end reconciliation process before reporting on revenue, which means they will still be editable. This would apply in the above example.
When bank lines have been locked, some other ways exist to make historic fee changes. The following actions can change fees:
Adding backdated double entries, which affect fee subcategories.
Importing bank lines retrospectively for a previous period if that import was previously missed.
Leaving bank lines pertaining to fees unassigned and assigning these only after completing reporting.
Using a VLOOKUP can help in discovering where the difference lies between periods.
Go to Admin > Exports > Revenue (letting agents only) and set the date to cover the period in which the discrepancy occurred.
Once this export is downloaded, it can be cross-referenced with the revenue export, which was generated at the original time of reporting.
Open both reports.
Bring up the latest report (Report 1).
Add a new tab to Report 1.
Copy column A (bank line IDs) and paste this into Column A in the new tab.
Bring up the previous report (Report 2).
Copy column A and paste this into Report 1 on that new tab in Column B.
At this stage, Report 1 should have a new tab with the bank line ID numbers from it and the previous report, sitting in Columns A and B.
From that tab:
In cell C2, enter =VLOOKUP(A2,B:B,1,0). Press the ‘Enter’ key.
Double-click on the bottom right corner of cell C2.
Cells in the C column presenting a number mean that there is a match between both spreadsheets. Cells showing N/A mean that the line in Column A is not present in the previously generated report, and so must have been applied subsequently.
This ID can be searched for on SME Professional to identify the relevant transaction.
After, Columns A and B can be swapped (A applied to B, and B applied to A). This will let the user identify if anything exists in the previous report but not the current.