How to understand the different types of "Payments" in Palace

This means the money is being taken off the Owner, Agent, Creditor and paid out to them. It does create a transaction in the Reconciliation screen waiting for you to pay the money out of the bank

You have the following choices:

  • Payment Agent
  • Payment Bond
  • Payment Creditor
  • Payment Expense
  • Payment Ledger
  • Payment Owner

 

Payment Agent:

To use this function you must have commission percentages set up against your Agents. This function pays out the Agent Payments. This is the single payment function you can also do a Generate Agent Payment - to pay out all your agents at once.

More instructions for how to set up the Agents commission and other function can be found in the Agent Procedure File

  • In Transactions - Click on the left hand down arrow
  • Select - Payment Agent

  • Click on the green arrow
  • Find the agent that you require
  • The amount that they are due will show on the screen. You can override to put in a LESSOR amount, but you MUST NEVER put in a larger amount as this can cause you to overdraw the Trust Account and the agent will be overdrawn.
  • Click OK when finished

 

Payment Bond:

  • This creates the cheque that pays Bond paid by tenants, out to the Tenancy Bond Centre
  • Go to Transactions - Click on drop down arrow on the left hand side
  • Click on Payment - Bond - click on >>

  • A list of bonds will appear on the screen - Check the bonds against the bonds forms that you are holding
  • If you do not want to pay a bond that is showing in the list, Untick the transaction
  • If you do want to pay the Bond but not the payment showing, you can double click on the amount of that bond and a bond will appear, Change the amount and click OK

  • Once you are happy with the Bonds showing and the total, enter the Cheque number in the reference no. field
  • Click on OK, you will be taking to the transaction screen.
  • Click on Process
  • Click on Yes to Print the Bond Remittance (This is the report you will send with the bond cheque) Print 2 so you have one for your records
  • Click close when completed
  • This transaction will show in your unpresented and will stay there until the Cheque shows on your bank statement.

 

 

Payment Creditor:

Creditors can be paid out singularly or in a bulk through Payment Creditor. For more information on the whole creditor process - see the Maintenance Creditor Procedure File

  • Click on Transactions - Click on the drop down arrow on the left hand side

  • Select Payment Creditor - Click on Green arrow
  • Find the Creditor that you require
  • The invoices entered for that creditor will show here. The ticked ones means that the properties have enough funds to cover. The unticked ones means that the property does not have enough funds and you run the risk of overdrawing the bank accounts
  • Check the total so that it matches what you want to pay
  • Click OK when ready
  • Then click Process
  • Click on Online if you want to pay the creditor through the bank
  • Click on Generate, this will create a file for the bank. Save to your desktop (or file) and click save
  • Then close out.

 

Payment Expense:

This function is used to pay money out of the Owner directly. It can be used when you do not want to enter the Creditors information into Palace as they were a once off, or paying back a tenant and it is often used when doing a Free Rent Period for the Tenant. More information on Free Rent Periods in the Rent Increase Help File

  • Click on Transactions - Click on the drop down arrow on the left hand side

  • Select Payment Expense - Click on Green arrow
  • Find the property
  • Select the expense
  • Enter in the amount
  • In the Ref field, normally you would put a brief description
  • Enter in the name and address details of the person that you are paying
  • Note: That it will change a commission using the maintenance fee, so remove the fee if you do not want to charge it
  • Click OK when finished
  • Then process as normal
Payment Ledger

This function allows you to pay money out of your company commission ledgers. Normally it is paid out at Month End but you can do it at anytime.

  • In Transactions - Click on the left hand down arrow
  • Select - Payment Ledger
  • Click on the green arrow
  • Find the Ledger that you require
  • The amount that they are due will show on the screen. You can override to put in a LESSOR amount, but you MUST NEVER put in a larger amount as this can cause you to overdraw the Trust Account and the Ledger will be overdrawn.
  • Put good comments on why you are dong this payment
  • Click OK
  • Process as normal.

 

 

Payment Owner:

This function allows you to pay out a single owner at any time. Normally for Mid Month and Full Month End, owner payments will be done in bulk but sometimes an owner needs paying out during the month as a once only payment.

  • In Transactions - Click on the left hand down arrow
  • Select - Payment Owner

  • Click on the green arrow
  • Find the Property/Owner that you require
  • NOTE: Palace is a Property based system, so you do need to select a Property to put the payment against. If the owner has more than one property that you want to pay out. You can do a Generate Owner Payment (Right hand side of Transactions), untick all the owners that you don't want to pay and leave the one owner with all his properties.
  • The amount that they are due will show on the screen. You can override to put in a LESSOR amount, but you MUST NEVER put in a larger amount as this can cause you to overdraw the Trust Account and the Owner will be overdrawn.
  • Put good comments on why you are dong this payment out of the normal cycle e.g Owner requested payment
  • Click OK
  • Process as normal. It will ask you to print a remittance
  • If you wish to upload a file to the bank, click on online. The transaction will be sitting there
  • Click on generate and save to your desktop
  • Close out
  • Remember to upload the file to the bank.

 

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