How to put a Keep Back on a Property and understanding Accumlating Keep backs

Apart from putting an Owner on hold, preventing any payments from being generated. Palace also allows users to keep back a specific amount if they expect a receive an invoice in the near future.

The effect of entering a keep back amount is that the Owner payments are reduced by the keep back amount and the Property account will have a closing balance which will become an opening balance in the new month.

There are a couple of ways that keep backs get entered in Palace.

1) Enter the keep back manually

2) When you enter an invoice it will ask you to put the keep back on it not enough money

3) Can be done through a work order

4) Can be done if rent is paid after being paid up to the Vacate date (This will depend on the system setting)

 

Instructions - Placing a Keep Back on a Property manually

  • Find the relevant property and click on edit
  • Enter an amount in the "keep back this month" field

Keep_back_1.png

  • Enter a reason, this will appear on the Owners Statement.
  • Click save.

Note: Even though it says " Keep back this month" it will keep back that amount until you take the keep back off.  Any keep back put on manually has to be removed manually

Removing a keep back put on automatically by a pending invoice

If you enter an invoice and there is not enough money to pay it, Palace will put that invoice into Pending and put a keep back on the property. (This will depend on your strict audit setting). When the property gets enough money to pay for the invoice, it will show for processing. When you process the invoice, it will ask you if you want to reduce the keep back. 

Note: Make sure you read the reason carefully to make sure you are removing the correct keep back so you do not use the money that was put aside for another reason. 

Removing the Overpaid Rent Keep back

This keep back does need to be removed manually and you will need to remove it and then go do the Refund Rent transaction. 

 

Accumulated Keep Back on Property:

Accumulated keep back allows for you to save an amount each month. E.g You have a painting invoice coming up for $2,000. You cannot take $2,000 off the owner in one lump sum. You decide to save for it at a rate of $200 a month. You would set it up as follows:

Instructions -

  • Find the relevant property and click on edit
  • Enter $200 in the Accumulating field

Keep_back_2.png

  • Enter $200 in the "Keep back this month" area
  • Enter a reason, this will appear on the Owners Statement.
  • Click save

Palace will keep back $200.00 this month, the following month-end procedure will look at the accumulating and add $200.00 to the existing $200.00. It will keep doing this each month until you stop it by setting the accumulating amount back to zero. We suggest you set up a reminder in the property diary for the date you expect to have collected the money i.e If you start in March, then you should have enough by December.

This is the following months 'keep back' screen and what it will look like. 

Keep_back_3.png

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