Ledgers explained - Fee, Bond and Restricted

Ledgers are a holding area for money earned by your company or money that is being held for various reasons.

There are a few different types of Ledgers

System created Ledgers: These cannot be changed or archived. They are required by the system for various charges and commissions i.e Management Fees. Some are just holding ledgers like the Owner Control Account.  These show as Black

User created Fee Ledgers: This is a ledger that has been created by your company to collect money that has been charged to your tenants or owners. i.e Fixed Lease break fee. The money is charged to the tenant and then it is receipted into the ledger and the GST component taken out and put in to the GST Ledger.  These can be paid out by Payment Ledger, which is normally done at month end. These show as Blue

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Bond Other Ledgers: These are ledgers that collect money and hold it until it is paid out again, it is not money earned by the company. Best explanation is Water Rates, where the tenant pays the money and it is held until the Invoice is received and then the money is allocated to the invoice and paid to the Owner.

Restricted: Most Bond Other Ledgers are marked as Restricted Ledgers. Restricted means that you cannot do a payment Ledger to take money out or do a Receipt Ledger to put money in. The only way you can take money out of, or put money into this ledger is to do it through a receipt Tenancy Invoice and then taken out by a Refund Tenancy Invoice. 

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