How to charge, receipt or pay out of the Unallocated Accounts (Or Suspense):

Unallocated Accounts (Or Suspense):

An unallocated account is used for holding money that has come into the Trust Account unidentified. It must be receipted somewhere in order for the bank to reconcile. It is receipted into the unallocated account until the money has been identified. It is then taken out and receipted in the correct place.

This account must be reconciled regularly so that is does not get out of control. It is good practice to start a new unallocated account each year. This makes it tidier and easier to maintain. (Some companies even start a new account each month)

To set up an unallocated account, you need to set up an Owner and Property called "unallocated"

Points to check:

When setting up an Owner: Put the Owner on hold, set the media to none

When setting up a Property: Zero all the commissions out. Set as a commercial or a holiday so that it won’t count as a management

Receipting money into unallocated Receipt Owner

Taking out of unallocated, once identified Payment Owner

Then receipt money into correct tenant. Receipt rent Residential

 

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