To assign a bank transaction:
Navigate to Financials > Unassigned lines.
Locate the relevant transaction.
Click on the edit pencil icon.
Select a relevant Category and Subcategory.
Choose who the payment was made by (this field will not be available if Business is the selected Category).
Enter a description if required.
Select the appropriate Rent period and Applies to date (these fields will only appear if Rent In is the selected Subcategory).
Click Submit.
Please find below guidance on how to assign different types of credit transactions.
1. Rent payment from the tenant
A payment of rent to be credited to the landlord's balance immediately.
Category: | The property address |
Subcategory: | Rent in (%+VAT) |
Rent Period: | Select which rent period this will apply to |
Outcome: | The money will be credited to the landlord's balance, less any management fee (%). The management fee will automatically be credited to revenue. |
2. Offset rent payment from the tenant
An advanced or bulk payment of rent to be split and credited to the landlord at a later date.
Category: | The property address |
Subcategory: | Offset rent |
Outcome: | The money will be temporarily assigned to the offset rent balance and credited to the landlord balance on the selected dates. |
3. Other landlord funds
For example, a transfer from the landlord to cover expenses or a refund of money from a contractor.
Category: | The property address |
Subcategory: | Landlord other income |
Outcome: | Money will be credited to the landlord's balance to go towards deductions or income (and will appear on the landlord's statement separate from the rental income). |
4. Payment to credit property float
For example, a transfer from the landlord to cover future expenses.
Category: | The property address |
Subcategory: | Float in |
Outcome: | Money will be credited to the property float. |
5. Deposit money where the agent is registering the deposit
Where the tenant has paid money that will be transferred to a third-party scheme or where there is a refund from a third-party scheme to pay to a contractor.
Category: | The property address |
Subcategory: | Deposit in |
Outcome: | Money will be credited to the deposit balance, ready to be paid to a third-party scheme. Alternatively, if this money has been refunded to pay a contractor, users can add a deposit deduction to process this. |
6. Deposit funds to go to the landlord
Where a landlord is registering the deposit themselves.
Category: | The property address |
Subcategory: | Landlord other income |
Outcome: | The deposit will be paid to the landlord in the next payment run and included on the next landlord statement. |
7. Money paid directly from the tenant for a fee due to business
Where a tenant has paid funds directly to cover a fee (not taken from their rent).
Category: | The property address |
Subcategory: | Tenant direct payment of fee |
Outcome: | The money will be credited directly to the revenue balance. Tenants' direct fee payments should be tracked using the Invoice for direct payment page. |
8. Money paid directly from the tenant for a contractor expense
Where a tenant has paid funds directly to cover an expense (not taken from their rent).
Category: | The property address |
Subcategory: | Tenant repayment of expense |
Outcome: | Money will be credited to the contractor's balance, ready to be paid. Users should use the Invoice for direct payment page to process tenant expenses not going through the landlord's balance or being taken from the deposit. |
9. Rent overpaid by the tenant to be refunded
Where a tenant has paid too much rent.
Category: | The property address |
Subcategory: | Rent overpayment |
Outcome: | Money will be credited to the overpaid rent balance from which it can be refunded to tenants. |
10. Unknown funds
Where a transaction cannot immediately be identified.
Category: | Business |
Subcategory: | Suspense account |
Outcome: | Money will be credited to the suspense balance, and once they are ready to be assigned, they can be moved via a double entry. This should only be used temporarily. |