Those located in Asia-Pacific will use the term Trust Account, where customers located in Europe will use the term Client Account. For the purpose of this article, we will refer to it as a Trust Account. For more information on regional terminology, refer to this article or contact support.
Re-Leased is a single entry system, it will not be able to perform a two-sided accounting entry.
A common scenario is when you need to allocate a credit note in relation to one ledger against an invoice in relation to another. In order to correctly pay both the credit note and invoice, as well as move the funds from one ledger to the other you will need to follow the steps below.
Income
- Disburse funds - to pay the income credit note, as if you are refunding this. All tenancy income credit notes will appear under the 'Creditors' section on your disbursement
- Create a manual bank statement, totaling zero, showing the credit note amount as a spent item and a received item (How do I create a manual bank statement?)
- Reconcile the bank statement payment against the unpresented payment you created for that credit note in step 1
- Reconcile the bank statement receipt against the relevant income invoice for that same tenancy
Expense
- Mark the expense credit note as paid (from points 3-5 in this article:How do I process a refund from a supplier/contractor/creditor?)
- Disburse funds - to pay the expense invoice (or part of this - this should match the credit note total)
- Create a manual bank statement, totaling zero, showing the credit note amount as a spent item and a received item (How do I create a manual bank statement?)
- Reconcile the bank statement receipt against the unpresented deposit you created in step 1 against the credit note
- Reconcile the bank statement payment against the unpresented payment you created in step 2
This will ensure the credit note and invoice are marked as paid, the funds are in the correct ledgers and the owner statement(s) will show correctly.