Those located in Asia-Pacific will use the terms Trust Account and bonds, where customers located in Europe will use the term Client Account and bond. For the purpose of this article, we will refer to it as a Trust Account and bonds. For more information on regional terminology, refer to this article or contact support.
When you reconcile a bank receipt against a bond income invoice, it will trigger more actions dependent on where that bond was set to be held.
Below are the different places you can mark an invoice as being held and what sequential actions will follow.
When a receipt is reconciled against a bond invoice that has been marked to be held in the bond Ledger, the funds will be put into the bond ledger and the tenancy deposit screen will show the bond as 'Lodged'.
When a receipt is reconciled against a bond invoice that has been marked to be held by a bond Authority, the funds will be put into the bond ledger and the tenancy bond screen will show the deposit as 'Ready to disburse to Authority'.
You would then need to Disburse Funds from the relevant trust account to pay the money out to the bond authority. Upon doing this an expense invoice is created to pay the funds out of the bond ledger. The tenancy bond screen will then show as 'Disbursed (awaiting reconciliation)'.
Once the disbursement has been reconciled against a bank statement spend amount, the tenancy bond screen will show as 'Lodged'.
When a receipt is reconciled against a bond invoice that has been marked to be held by the Property Owner, the funds will be put into the bond ledger and an immediate transfer will be made from the bond ledger to the property default ledger. The tenancy bond screen will show the bond as 'Lodged'.
When you next disburse funds to your owner, the bond will show as part of that payment and will appear on any statement created.