Strict Audit Settings explained

Strict Audit Control:   This is an internal setting that stop any Owner Property, ledger or supplier from being overdrawn in Palace which protects your Trust Account.

To allow some flexibility we have given you 3 options on how to have the Strict Audit set 

 

No: This means there is no audit control at all, the system will allow you to overdraw Owners and Properties, e.g you can enter a Supplier Invoice and it will take the money and move to a supplier even if there is not enough money against the property leaving the property in negative. However, it will not automatically allow you to pay the Supplier in a bulk payment. You can pay a supplier individually however and tick the invoices you want to pay.

This is handy if you are small but it can also cause your trust account to overdraw which you do not want to risk. If you are wanting to know more about this please contact support BEFORE you change the setting.
Yes Owner: This option allows a bit more flexibility, it allows you to put invoices through a property, even if there is not enough money in the Property, allowing it to overdraw, however, it looks at the Owner Balance. So if the owner has 2 or more properties then it will check to see if the other properties have money to allow these invoices to be paid. Then at the end of the month, the system will take money from the properties with money and pay off the property that is overdrawn. This is called Netting off.

This is a common setting for NZ

Please Note: This will only work if the Properties against the owner all have the same bank account.


Yes Property: This means that properties cannot be overdrawn even if money exists against the Owner. So this is a complete stop. If not enough money to do the transaction, then you will get stopped by Strict Audit. - This is recommended for all Australian clients

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