By using keep back instead of hold, you can opt to keep back a certain amount of money rather than not paying the owner any funds at all.
Apart from putting an Owner on hold, preventing any payments from being generated. Palace also allows users to keep back a specific amount if they expect a receive an invoice in the near future.
The effect of entering a keep back amount is that the Owner payments are reduced by the keep back amount and the Property account will have a closing balance which will become an opening balance in the new month. If the invoice is then processed in the new month the new closing balance (Which includes the Opening amount) is then reduced.
Notes: Even though it says " Keep back this month" it will keep back that amount each month until you take it off.
Accumulated Keep Back on Property
Accumulated keep back allows for you to save an amount each month. E.g You have a painting invoice coming up for $2,000. You cannot take $2,000 off the owner in one lump sum. You decide to save for it at a rate of $200 a month. You would set it up as follows:
- Owner List
- Entering a New Owner in to Palace
- Setting Up Owner Bank Accounts
- Owner Details Screen Explained
- Options Available on a Right Click of the Owner
- Communication with an Owner
- Receiving Money from an Owner
- Paying an Owner
- Owner Statement Messages
- Owner Year End Statements
- Entering an Owner Split Payment (Paying to more than one owner from a single Property)