How to set up owner bank accounts

Palace is unique in that you can set up as many bank accounts against an individual owner as you like. This allows an owner to be entered into Palace once, even if he has multiple properties with separate bank accounts.

NZ Users only: The system bank account (Company Bank Account) controls this area. So whatever bank your company banks with is relevant to the information required here. Each bank requires certain information to order to allow a bank file to upload to the bank. You must follow the required number of characters when entering in a bank account, the system will not allow you to save an incorrect bank number. We have now configured the software to automatically insert the Pre-fix and Suffix 0's.

Australian users: The BSB number will auto-format to 6 numbers. There are no bank account number restrictions.

 

Adding A Bank Account: 

      • If you have just entered an Owner, and selected Direct Credit, then Palace will take you to the Bank Account area. Otherwise you will find Bank Accounts on a right click on an Owner.
      • Click on Add

      • Palace will give you the number of characters expected in each part of the bank account number based on the bank that has been entered against the Company Bank Account number (NZ Users)
      • Add the Bank and Branch numbers first
      • Add the Account number and the suffix number with no gaps between.
      • Enter in the Bank Name, Enter in the bank Branch name
      • Enter in the Account Name
      • Client Number: Not currently used
      • The next part is the details that will show on the Owners bank statement. Usually you would just put the name of your company under particulars.
        NOTE: If the owner has multiple properties linked to the one bank account record, and the split payment option has been ticked, Palace will insert the property address in these details.
      • Click Save
      • If the owner has more than one Bank Account, Click on Add again and enter in the next one
      • When finished click on Save and Close.

 

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