How to understand receipting and what one to use

Receipting is the way to bring money into the software. We used receipting for tenant rent, paying off tenant debt amongst other things.

Here is a list of functions

  • Receipt Bond
  • Receipt Bond Other
  • Receipt Creditor
  • Receipt Ledger
  • Receipt Letting/Tenancy Fee
  • Receipt Owner
  • Receipt Rent (Residential/Commercial)
  • Receipt Tenant Multiple
  • Receipt Tenant Other
  • Charging An Owner Let Fee (Australian)

 

Receipt Bond:

You can receipt a bond payment in two ways:

  • Transactions - Receipt Bond
  • Transactions - Receipt Multiple - Ideal if receipting rent and letting fee as well
  • Go to Transactions - Click on the drop down arrow (left hand side)
  • Click on Receipt - Bond or Receipt Multiple
  • Check the date
  • Find the tenant
  • Check the amount, change if needed (The amount is picked up from the bond required field in the tenant edit screen)
  • Click Ok, when finished and then click Process in the transaction screen.
  • The bond is then held in the bond ledger until ready to pay out to the Bond Centre See under Payments for how to pay out the Bond.

 

Receipt Bond Other:

This function is used to put money into a Holding ledger against the tenants name. Used mostly for Holiday Rentals but some users also use it for Water Rates where the tenant pays a small amount weekly in advance. The money is held in the ledger and then refunded out of the ledger and into the Tenant record when the invoice comes in. See the help file on Tenant Debits for more information.

  • Go to Transactions - Click on the drop down arrow (left hand side)
  • Click on Receipt - Bond Other
  • Check the date
  • Find the tenant
  • Pick up the Ledger that you require
  • Note: Only Bond Ledgers will show in this screen. To enter in a new ledger: Click on Ledgers and click on Add. Give it a name and then click on Type and select Bond.
  • Enter in the amount, enter in comments if needed
  • Click Ok, when finished and then click Process in the transaction screen.
  • The money is now held in the Ledger. You can check this by clicking on Tenant Reports - Bond Other. It will show you a list of all tenants with money being held in Ledgers.

  

Manually Receipting Rent (Residential/Commercial):

This option is for straight rent, if you have Bond and Letting fee or something else to receipt as well, then use Receipt Tenant Multiple Click here for more instructions)

You can also import your bank statement directly into Palace and match the tenants automatically.

  • Click on Transactions (Left hand side menu)
  • The top line of the box on the left hand side will say Receipt Rent - Residential/Commercial (This stays at the top of the list by default)
  • Click on >>

  • If you have more than one receipt to enter, click on "Rapid Entry" This will allow you to keep the screen between each receipt
  • Select the tenant from the list - either by typing the first few letters of the surname or by clicking on the drop down arrow
  • Note: If you do not know the tenant, but do know the property, right click on the drop arrow next to the Tenant name and change it to "Sort by Property"
  • Check the date is correct to the date you are receipting (i.e if you are receipting from the bank statement then this will be yesterday's date)
  • The rent amount will auto fill to the setting in the Tenant Record - You can override it.
  • Note: This rental amount is picked up from the payment details area in Tenant Edit Screen (...) not from the rent (Rate) field, you may notice it different if there has been a rent change.
  • Ref No: This is the receipt number, if this is an AP, then leave the receipt number as is and then it will auto change.
  • Note: If you are using manual receipts to enter in your cash banking. Make sure they have an Alpha character in front of the number. This will then allow the system to revert back to the AP automatic numbering)
  • The name of the Property Manager will show down the bottom of the screen, if a commission has been set in the Agent screen, it will show here.
  • Payment area: This is for the type of payment, it will default to the one set in the tenant screen, you can change it if necessary.
  • Comments area: You can type any comments that are relevant to this receipt and they will show on the Tenant Details Report
  • Click OK when finished - This will take you to the transaction screen (Unless you have "Rapid Entry" ticked, then you would just do the next one)
  • In the Transaction area, click on Process
  • Note: When Processed, Palace takes the commission off and puts it in the ledgers, then the rest of the money goes against the Owner and the tenant's records are updated.

Further Notes: If you need to check where the tenant is paid up to. Click on the Details Tab of this screen, this will give you up to date information on the tenant.

 

Receipt - Creditor:

Best to see the Maintenance/Creditor Help File for this.

 

Receipt - Ledger:

This function allows you to receipt money directly into your company ledgers.

  • Go to Transactions - Click on the drop down arrow (left hand side)
  • Click on Receipt - - Ledger
  • Check the date
  • Pick up the Ledger that you require
  • Enter in the amount, enter in comments if needed
  • Click Ok, when finished and then click Process in the transaction screen.

 

Receipt - Letting Fee:

When a tenant pays a Letting Fee, it can be receipted into Palace two ways

  • Receipt Letting Fee
  • Receipt Tenant Multi
  • Go to Transactions - Click on the drop down arrow (left hand side)
  • Click on Receipt - -Letting Fee

  • Check the date
  • Pick up the Tenant that you require
  • The amount should show on the screen, change if needed.
  • Double check the payment type.
  • Click Ok, when finished and then click Process in the transaction screen.
  • Note: If you have a Letting Manager who is going to get commission on this transaction, Click on the drop down arrow besides the Agent name and select the Agent that you want
  • Make sure the commission amount is correct. Then click on the double arrows to put the agents name down in the box

 

Receipting an Owner: (This is also the transaction you would use to receipt unallocated money into an unallocated or suspense owner)

This function allows you to receipt into an owner. Sometimes you have a large invoice to pay and the Owner has sent you the money, you then have to receipt into the Owner in order to pay for the invoice.

  • In Transactions - Click on the left hand down arrow
  • Select - Receipt Owner
  • Click on the green arrow
  • Find the Property/Owner that you require, or find your unallocated account.
  • NOTE: Palace is a Property based system, so you do need to select a Property to receipt it to
  • 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 doing 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.
  • NOTE: There are no fees charged when using this transaction

Further Notes: If you have receipted money into your unallocated account, then you can get the money out again by reversing the original receipt and receipting the money to where it should be. Make sure you make comments. You can also do a Payment Owner if you prefer.

  

Receipt Tenant - Multiple:

When you are receipting more than just rent, eg. Bond and Letting Fee for a first initial payment,then Receipt Tenant – Multiple is the quickest way to go.

You can use Receipt Bond or Receipt Letting Fee if want to receipt separately.

Notes for Australia: You can charge an Owner Let Fee directly from this screen. See the second half of the instructions.

  • Transaction Area -
  • Click on the left hand side drop down box and choose "Receipt Tenant - Multiple"
  • Click on >>
  • Check dates
  • Select tenant from the drop down box (remember you can change to property sort by clicking on the drop down arrow next to the tenancy name)
  • Receipt No: This is the default number that changes every time you receipt, if you are entering in from a manual receipt, you need to change the receipt number (we suggest you put an alpha in front of the number e.g M2345 as that will allow the automatic receipting number to continue unchanged)
  • The rent, bond and letting fee amounts will show automatically. Change them if needed.
  •  If you are receipting a Bond Other or Receipt Tenant Other amount, then change the fields accordingly - See the Receipt Bond Other help file for more information.
  • The total will show up the top of screen on the right hand side
  • Check the rest of the details


Note: If you are receipting a letting fee and you need to pay a commission to the Letting Manager which is different from the Property Manager, click on the drop down arrow (Under agent details and select the Letting Agent from the list. This will bring up their commission percentage.

  • Once completed, click on OK - This will take you back to the transaction screen for Processing.
  • A separate transaction will show for each field that you entered money into. e.g Bond, Letting Fee and Rent.
  • Click on Process when done

 

Australian Charging an Owner Let Fee


To charge the Owner a let fee, Palace allows you to do this in various screens, you can use Charge Admin Fee or you can charge the Owner at the same time as you receipt the tenant for their initial amount.

 

Transaction Area - Click on the left hand side drop down box and choose "Receipt Tenant - Multiple"

  •  Click on >>
  • Check dates
  • Select tenant from the drop down box (remember you can change to property sort by clicking on the drop down arrow next to the tenancy name)

Below is the screen for Receipt Tenant Multiple

 

Once you get to the bottom half of the screen,

  • Tick The Owner Let Fee
  • Put in the amount
  • Select the Ledger for it to go into
  • Then OK and process

Note: If you need to pay a commission to the Letting Manager which is different from the Property Manager, click on the drop down arrow (Under agent details and select the Letting Agent from the list.) This will bring up their commission percentage.

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