When you sign up with Palace, you may already be operating a rental bank account with active transactions. In this instance, when you have your “Go Live” date booked with your trainer (this is the month you start entering rents into Palace) we will ask you what funds are still remaining in your rental bank account at that time.
Example: You finish using your current database management system at the end of January and you Go Live with Palace is February. Once you have done your last pay-out/month-end for January you have $5600 left as a closing balance in your rental account.
This $5600 is the opening balance we bring into Palace for you. We will provide you with a list of reports that we need to complete this. The reports we ask for will show us a breakdown of what these funds are made up of.
Example: $5600 is the opening balance. This is made up of -
$2600 bond that needs to be paid to the bond centre for tenant: Allan Scott
$1000 owner balance for invoices due for owner: Jim Jones
$50 held funds against tenant: Kelly Potter
$150 held funds against Tenant: Luke Frater
$1600 is unknown funds (still trying to track down the tenant that paid this money)
$200 is agency funds (management fees still in the rental account)
With the information above, we bring each balance into Palace so that it shows against the correct profile. Then when you start to receipt into Palace for February, you start with the $5600 already there and continue on…
Note: If you are starting out with a zero balance $0 in your rental account, then there will be no opening balances. You will just be entering your first rents into Palace as they are received.