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.
Under a tenancy, you have the ability to lodge a bond against them.
Go to the tenancy > Bond tab
You have two options for lodging a bond:
- Load Existing Bond - you would use this option for bonds that are already lodged and in existence. This is to make note of them on the tenancy but it will not make any financial transactions/postings
- + New Bond Invoice - you would select this option if you were creating a new bond where you are expecting funds into your trust account that you would need to handle from the bank statement
To Load Existing Bond you would:
- Click on the 'Load Existing Bond' button
- Fill in where the bond is currently held
- Bonds Ledger: if the money is currently sat in your bonds ledger under the trust account
- Bond Authority: if the money is currently held by a third party. If you select this option a second box will be inserted to choose the Bond Authority from your contact list
- Property Owner: if the money is currently held by the owner of the property - Select the bond ledger - this will be the ledger that all future transactions will be processed through. More often than not it will be the default internal bond ledger that was created under your trust account
- Note the current balance of the bond
- Enter a Lodgement Reference if there is one
- Select 'Continue' to finalise loading the bond
To create a + New Bond Invoice you would:
- Click on '+ New Bond Invoice'
- Fill in where the bond will be held. Whichever option you select will dictate how Re-Leased handles the funds moving forward
- Bonds Ledger: if the money will be held in the bonds ledger under the trust account
- Bond Authority: if the money will be held by a third party. If you select this option a second box will be inserted to choose the Bond Authority from your contact list
- Property Owner: if the money will be held by the owner of the property - Select the bond ledger - this will be the ledger that all transactions will be processed through. More often than not it will be the default internal bond ledger that was created under your trust account
- Enter a Lodgement Reference if there is one
- Create the bond income invoice information which includes the due date, any reference, description, account code, bond amount
**The account code will be the liability chart of account you use for bond transcations - Save your invoice in whichever status it needs to be in
If you have created a new bond invoice, once approved, this will be available as an unpaid income invoice ready for payment to be marked against it.