Unidentified Money - Using Unallocated to receipt or make a payment

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 unallocated money

If you have money that you are unsure where it goes and you need to reconcile and finish your banking 

  • Do a Receipt owner - Choosing the Owner called Unallocated
    Note: if in Import banking - Click on drop down arrow and choose Owner instead of tenant and then choose the unallocated.
    Unallocated.png
  • Type in the amount
  • In the comments or ref area, put in all of the description that came on the Bank Statement
  • Click Confirm
  • Click Process
  •  

Once you have identified the money

You have two options, you can either reverse the original transaction

  • Find the transaction number from the Owner Transaction Report
  • Go to Transactions and history
  • Enter in the number in the to and from and click on Refresh
  • Then using the drop down next to Edit, click on reverse.
  • OR
  • You can do a Payment Owner
  • Transactions - Payment Owner
  • Choose unallocated
  • Type in the amount and put in comments where it is going
  • Click on confirm.
  • THEN regardless of which option you chose above, you now need to receipt it back to where it should be
  • Transactions - Receipt Rent (Or other transaction)
  • Enter in the amount
  • Put comments in and click confirm
  • Check the totals on the transaction screen come to zero and then process

 

 

 

 

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