Holding Uncleared Funds - System Setting


Uncleared Funds: This is an option to hold back money that was receipted in through Receipt Rent, Receipt Tenancy Invoice or Receipt Owner. This is to allow for the money to clear in the bank, stopping you from paying out the money in case it is dishonored. 

By default, it only works on Payment Types of Cheque or Direct Debit.

If a tenant has paid by Direct Debit or Cheque, then you have a choice to hold the money until 3 (or any amount of days) until the money is cleared.

This means if Rent is paid just before month-end, you can hold it just in case it is dishonored. This will show as an uncleared fund on the Owner Statement.

The count is working days and includes the date of the transaction (Not the entry date)

For Example: (Based on a 3 day count)  If you receipt a transaction dated the 1st Feb, then the system will count 1st, 2nd and 3rd Feb and release it on the 4th Feb. 


In Summary

Any funds that are brought in using the transaction types: 'Receipt Rent, Receipt Owner or Receipt Tenancy Invoice (Applied to the owner)' will now be 'held' as 'uncleared funds' for X amount of days (going on your system settings) and will prevent you from processing the following transaction types until cleared:
Payment Owner (Single Generation), Invoice Supplier, Charge Admin Fee, Charge Owner Letting Fee & Charge Inspection Fee.

Once your funds are 'cleared' you will be able to proceed with processing any of the above-mentioned transaction types.

NOTE: This only applies to those that use either Strict Audit Yes (Owners) or Yes (Properties).

Issue fixed 10/02/2023

System: Uncleared funds: We have now marked the Uncleared Funds day setting under System > Settings > Management > Owner as a mandatory field. If this field currently has no value in it we have updated it to 0. We have made this change to mitigate some issues that have arisen around uncleared funds previously.

Was this article helpful?
0 out of 0 found this helpful
Have more questions? Submit a request


Article is closed for comments.