How to enter Owner Bank Accounts

You can set up as many bank accounts against an individual Owner as you like. This allows an Owner to be entered only once, even if he has multiple properties with multiple bank accounts e.g an Owner with 12 properties can have 12 different bank accounts with each account assigned to a separate Property. In addition, one property can have payments made to more than one bank account.

  • If you have just entered an Owner, and selected Direct Credit, then Palace will take you to the Bank Account area automatically to enter the relevant account number(s)
  • Alternatively, find the Owner, click on the Drop Down box on the right-hand side and Select Bank Account. Then click Create New.

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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.

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

You will be shown the number of characters expected in each part of the bank account number which is based on the bank used by your company (system bank). This is for NZ banks only.

Enter the Bank Name (required)
Enter the bank Branch Name (if you know it)
Enter the Account Number (no gaps, dashes, hyphens, spaces)
Enter the Account Name (required)
Client Number: Not generally required (may be needed for BPay Australia)

The Other Party Details section defines what will appear on the Owner Bank Statement. You can put the name of your company under Other Party Particulars (although the bank statement will show that the payment came from your company anyway so you can leave this blank if you wish).
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 changes

If the owner has more than one Bank Account, click on Create New again and enter in the next one. Keep repeating the steps until you have entered all relevant bank accounts. See Paying multiple Owners on the same Property

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