This article details how to create a float for a specific landlord. To find out how to create a Business float, click here.
1. Assigning a bank transaction to the landlord’s float account
Navigate to Bank > View bank lines
Edit the payment by clicking the pencil icon
Expand the Category dropdown and select the property
Expand the Subcategory dropdown and select Float in
Click Submit
2. Transferring funds from rent into the landlord's float account
Navigate to Financials > Landlord deductions
From the top right corner, select the dropdown arrow and choose +Float payment in
Select the property from which funds will be taken
Enter a suitable description
Enter the amount that needs to be transferred
Click Submit
The float balance will be transferred when the Included in ledger and statement is ticked on the landlord deductions page or when the property is included in a landlord payment run.
NOTE: Users must ensure enough funds are available in the landlord balance before clicking to Include in ledger and statement. If there are insufficient funds, the deduction will not be processed until there is enough money in the landlord's account.