Setting Up Rent Overpaid to Ledger

There was two ways to handle overpaid rent in Palace:

1) receipt the rent as normal and it will go against the Property, the owner will be paid the amount they are due and the rest will be put on keep back until you refund to the tenant. This will show on the Owners statement as a keep back for overpaid rent.

2) Receipt the rent as normal and the overpaid amount will be moved into a holding ledger called Overpaid Rent. This record is held against the tenant so it can be refunded, but nothing is held or shown against the owner

The first option happens in Palace normally but the second option needs to be turned on. As below

 

  • Click on System and click on settings
  • Click on the management tab
  • Under Tenancy, you will see a setting that says
    “split Overpaid rent into Bond Ledger” Turn to yes
    Overpaid_rent.png
  • Then click Save Changes
  • A new ledger will appear in the Ledger area called “Overpaid Rent (User / Restricted). This is where the money will be held.
  • The only way the money can be removed from this ledger is by using the correct Refund transaction.

 

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