Configure strict audit settings

Summary

Strict audit control in Palace is a permission-based setting that prevents overdrawing of accounts by enforcing strict financial controls.

This article covers:


Configure strict audit settings

This area is permission-based. If you can't access settings, please ask your manager or administrator for help.

  • Go to System > Settings
  • Click on the Policies tab
  • Under Company, you will find the Strict audit control
  • Click the drop-down and make your selection

Settings-policies-strict_audit.png

Strict audit options

To provide flexibility, we offer three options: no audit control, audit control based on the owner's balance, and audit control based on individual property balances, ensuring proper financial management and compliance.

  • No - There is currently no audit control in place. This means that the system allows you to overdraw owners and properties. For example, you can enter a supplier invoice, and the system will deduct the money and transfer it to the supplier even if there aren't enough funds against the property, resulting in a negative balance for the property. It's important to note that the system does not automatically allow bulk payments to suppliers. You can pay a supplier individually and select the specific invoices you want to pay

This is useful for small companies, but it can also lead to overdrawing your trust account, which is a risk you'll want to avoid. Please contact the support team if you'd like more information before changing this setting.

  • Yes Owner - This option provides more flexibility. It allows processing invoices through a specific property, even if there isn't enough money, resulting in a negative balance. The system checks the owner's overall balance and transfers money from properties with available funds to cover the overdrawn property at the end of the month, known as netting off

This is a common setting for NZ.

Note: This will only work if the properties against the owner have the same bank account.

  • Yes Property - This means that properties cannot be overdrawn even if the owner has money. This puts a complete stop to any transactions if there isn't enough money available. Strict audit is recommended for all Australian clients
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