Charges in Palace are Internal Transactions - meaning money is moving from one place to another but not actually leaving the Trust Account, so does not affect your Bank Reconciliation.
There are 4 types
- Charge Admin Fee
- Charge Inspection Fee
- Charge Owner Letting Fee
- Invoice Supplier (Classifies as a charge as money comes off the property and moves to the Supplier).
You can set up a recurring charges i.e a Statement Fee that is charge each month. See the Diary Help for more information
Charge Admin Fee:
This function will take money from a Property (Owner) and move it to your ledgers, even though it is called Charge Admin Fee, you can put them money into any Ledger i.e Advertising. You will need to set up a ledger if you don't already have one. (Click here)
Using Charge Admin - Sample is using Credit Checks
- Click on Transactions
- Click on drop down arrow- select Charge Admin fee
- Click on generate
- Select the property
- Check date
- Select the ledger from the drop down list - Select Credit Checks
- Put in amount
- NOTE: The amount you put in MUST be GST exclusive as GST will automatically be added
- Put in a Ref:
- Check amount is correct
- Add comments if needed
- Click confirm
- Then click process
- The money has now been taken off the Property/Owner and moved to the Ledger.
Charge Inspection Fee:
This function is only used if you need to charge an inspection fee manually, normally you would always to it through the Control Inspections and then Reminders Charge Inspection. It is part of the Inspection wizard.
You can just follow the instructions from the Charge Admin Fee as it is mostly the same.
NOTE: if you use this function, it WILL NOT roll over your inspection that has been set up under Control Inspections
Charge Owner Let Fee
Use this when charging your owner the let fee
Same as the instructions above just remember it is GST Exclusive
The amount will auto fill in from the Let Fee area in the Property Edit screen
Invoice - Suppliers:
The Invoice function is for entering Supplier Invoices into Palace. It does the following
- The invoice is entered against a property
- The money is taken from the property and moved to the supplier ready to be paid out at month end
- You can also create a tenant invoice directly from here.
For full instructions on how this works please see the maintenance help files. Basic Instructions are below
Entering an Invoice using Invoice Supplier
- Click on Transactions
- Click on the drop down arrow (Left hand) and select - Invoice Supplier
- Click on the generate
- Find the property
- Check the date (You can only enter a date for this current month)
- Select the Supplier
- The expense code will auto show but you can change it
- Note: Expense codes are important for the breakdown of expenses on the Year To Date Statement for the Owners
- Enter in the amount
- Enter in the Invoice Number
- Check the maintenance fee details etc
- Enter a Priority if needed - otherwise, leave as medium
- Enter a due date if needed i.e Must be paid by a certain date
- Note: If due date is needed, it will create a reminder in the diary 2 days before the due date that was set.
- If some of the invoice needs to be on charged to the tenant, change the No to yes and then fill in the details and it will create and email the invoice to the tenant
- If there is already money receipted for this tenant, it will show on the screen and you can assign it to the Invoice that you are creating.
- If you have already scanned in the Creditor Invoice, you can click on the Paper Clip and attach the invoice to the diary.
- Click OK
- Once in the transaction screen, you can click Process
NOTE: If you have more than one invoice to process, then tick on Rapid entry (At top of creditor Invoice screen) As you enter each invoice you click OK and the transactions pops behind into the Transaction area and then you enter the next invoice, when you have finished you click on Cancel. Then you will see all the transactions in the list, click on Process.