It pays to take your time in setting palace so up so that you can get the very best out of your software.
This part is about your company information and various choices on the settings of Palace. You will need the following:
- GST Number
- Trust Bank Account number
- Trading Bank Account Number
Company and Palace Settings Set Up:
- Click on File - System setup
- Company Name: This was set up when Palace was installed - you cannot change it, if it is not correct, Please contact support and we will re-register it for you.
- Address and contact details - Enter all details
- GST/ABN number - Additional number only needed if you actually have two GST/ABN numbers
- Advance overdue days - Default setting is 6.
- Please note: This setting refers to rent arrears and how Palace looks for them. i.e if the setting is 6 days, Palace will constantly look at the current date and see what the tenant is going to owe in 6 days time, so Palace will always show you if the tenant has not paid the week ahead.
- Overdue Tenant Invoice: Set the number of days for showing overdue Invoices e.g If you say they must pay within 14 days, then put 14 in the box. Then you can run a report under Tracked Invoices that will only show those invoices over 14 days old.
- Bond: i.e 21 or 28 days depending on what you ask for
- Weeks in Advance: 1 or 2 again your choice
- Tenancy Charge tracking - Yes or No
- Please Note: This refers to Tenant Debits/Invoices. If Tracking is turned on, each invoice is then kept as a record and tracked, when the tenant pays you receipt the money directly against the invoice that it refers to. See more information under the Tenant File and the Water Rates file
- Strict Audit Control: This is switch to on for all Australian clients. NZ Clients have the option but it is preferable that it is turned on as it will stop any Owner Property, ledger or Creditor from being overdrawn. There are now 3 options with regards to the Strict Audit Control
- No: Switched off for the whole portfolio
- Yes Owner: This means that a property could be overdrawn if the Owner has money
- Yes Property: This means that properties cannot be overdrawn even if money exists against the Owner
- Calc paid to: default setting is period (This is the preferred choice) the other choice is Day - ie if a tenant pays more than a weeks rent say $20 over, the $20 will sit as a part payment until more money is added to make a whole week. But if the setting is day, then the $20 will only sit there until it becomes a day rate and then it will roll the paid to date over by one day. (The trouble with that is it puts your paid to dates out of alignment with how the tenant pays.
- Rental Period: Default is Midnight to midnight and should only be changed if the database is solely for Holidays - Then it should be midday to midday.
System Options - Company Management Options:
- Disable Keep backs: Palace automatically puts a keep back against the property if a tenant had paid past their End Date. Ticking this option will stop that.
- Allow Schedule: This is for the Inspection Report under Control Inspections. It is a landscape choice for the App
- Generate zero Statements: Tick this and any owner who has had no transactions in the current month will generate a statement
- Show Tenancy Part Payment on Statements: If a tenant has a part payment it will show on the Owners Statement.
- Uncleared Funds: If a tenant has paid by AP, then you have a choice to hold the money until 3 (or any amount of days) until the money is cleared. This means if Rent is paid just before month end, you can hold it just in case it is dishonoured.
- Tenancy: Show Rent Owing to Vacate Date: If this is ticked, when a tenant has an End Date entered, the tenant list will show the whole amount the tenant owes up to that date. This can give an incorrect view of Rent Arrears from the front screen
- Hold Tenant Money up to Start Date: Any rent in advance that is paid as part of a new tenancy can be held until the tenancy actually starts.
- Show “Paid from/Paid To” on Receipts: The normal receipt only shows what was receipted by ticking this option, the tenant can see when and where they are paid up to.
- Allow Reversal of "creditor Payments": Allows you to reverse creditor payments. (only turn on if you have no other choice to reverse the creditor payment. Also make sure you have recived money back from the creditor if money was paid out)
- Include Bond In Trust: This is only unticked is your receipt your bonds into a different account
- Save Unprocessed Transactions: Leave unticked
- Bank Reconciliation (Auto Present): If this is ticked then all receipts that have been designated as a payment method of "Direct" will auto present themselves in your reconciliation
- GST Inclusive (Inspections and Admin Fees): This is only for those whose inspection fees are inclusive of GST. Normally Palace has exclusive fees.
- Set Primary Owner as “Sender” for “Tenancy Invoices”: This means that even if the Administrator is creating the Charge Tenant Debits, when they are emailed they will come from the Primary Agent on the Owner record.
- Use “Sequential No” for “Receipts” (Audit Requirements): This is essential for Australian compliance
- Allow “Tenancy to be Archived” with “Other Amounts Owing (Sales System): This is only in the Sales System, it is not available for Property Management.
- Company Letterhead: Set your logo (JPEG) Plus Company contact details to email@example.com and we will make a letterhead for your palace system.
- Company Month End Options: See the month end file for more details
Email/Device Set up:
- SMTP Address: If you are Palace Live, then this would have been set up for you. If not, then the SMTP is your internet provider i.e SMTP.xtra.co.nz. If you have problems setting this up, please call our support team
- Email Domain/Incoming Emails: All email replies to emails sent from Palace will come back into Palace. You need to set up a Domain name. This is for Palace purposes only. Best choice is your company name, please do not use something generic like rentals, or a first name etc. When you have set up the Domain - Click on Green tick. The Domain is then set up by the IT team and you will be notified once it is up and running.
- Domain Status: You Can only tick this option if you are on the Palace Domain. This option is if you would like your emails from palace to forward to your other email services inbox eg.gmail,outlook, yahoo
- Mobile Device Export Options: For more information on this see the Inspection App set up file.
- Custom Fields for Owner, property and Tenant - See below for more information on setting up your own custom fields.
- Reset Transaction Lock: This is used if you are locked out of the month end procedure.
- Dates: These will be set for you, if you have any questions please ask Support.
Enter the Company Bank Account:
This is your "Trust Account" The account that the rent are receipted into, Creditors paid out of and Owners Paid out of.
- Click on File - System Bank Account
- Highlight the test bank account and click on Edit
- Enter in the Bank and the branch - This is for your TRUST ACCOUNT - The Account that holds all your rent receipts
- If Australia: You must set your APA code: This is a code that your bank will give you.
- Enter in the Trust Account name - The field is longer than it looks
- Enter in the bank account number (no gaps)
- A guide will pop up down on the left hand corner so tell you the number sequence that it needs.
- Do not enter an amount in the opening balances area, this will fill in automatically after your first month end.
- Click Save - If you get a pop up telling you that the Bank Account number is not correct, double check what you have entered and change until it is accepted.
Enter the Company Trading Account:
This bank account is used to pay the Company Commissions into at the end of the month.
- Click on Ledgers (Down the left hand side menu)
- Click on Trading Account
- Fill in the details
- Click on OK