How to put on a keep back and understanding accumulating keep backs

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.

 

Instructions - Placing a Keep Back on a Property:

  • Find the relevant property and click on edit
  • Enter an amount in the "keep back this month" field

  • Enter a reason, this will appear on the Owners Statement.
  • Click save.

Notes: Even though it says " Keep back this month" it will keep back that amount until you take the keep back 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:

Instructions -

  • Find the relevant property and click on edit
  • Enter $200 in the Accumulating field

  • Enter $200 in the "Keep back this month" area
  • Enter a reason, this will appear on the Owners Statement.
  • Click save

Palace will keep back $200.00 this month, the following month-end procedure will look at the accumulating and add $200.00 to the existing $200.00. It will keep doing this each month until you stop it by setting the accumulating amount back to zero. We suggest you set up a reminder in the property diary for the date you expect to have collected the money i.e If you start in March, then you should have enough by December.

This is the following months 'keep back' screen and what it will look like. 

 

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