Those located in Asia-Pacific will use the terms Trust Account and Outgoings, where customers located in Europe will use the term Client Account and Service Charges. For the purpose of this article, we will refer to it as a Trust Account and Outgoings. For more information on regional terminology, refer to this article or contact support.
This article contains some tips for users with Trust accounts who wish to retain Outgoings funds in their Trust account, rather than pay out all funds collected to the landlord. The software was not originally designed to handle this situation so some existing users may be using a workaround by creating two separate owner contacts.
Customers not already using the separate owner contact workaround are able to retain Outgoings funds by adding additional ledgers to a property and setting the ledger to not disburse funds to the owner.
Outgoings ledgers are never fully disbursed the way a landlord ledger would be, so you can set an individual ledger to not disburse to an owner (setting circled below).
A second ledger can be set up in the Trust account to hold these funds, and line items on invoices can be pointed at the required ledger. To add the second ledger to a property, go to the desired Property > Ledger tab and select Add/Remove Ledgers. Only ledgers that aren't already assigned to a property will be available to add.
Fees from OPEX
'Property' and 'Tenancy' fees are deducted from whichever default ledger is set on the property at the time the fee is raised, this ledger is also the default when adding invoices or rent templates for new tenancies. Only one ledger can be set as the default for a property, you can change the default ledger on the Property Ledger page.
If fees need to be deducted from Outgoings, Accounts can be set against the property's Outgoings ledger so that any fees using these Accounts will be deducted from the property's Outgoings ledger.
Budget Reconciliation/Wash up
The actuals on the budget VS actuals reporting looks to the default ledger connected with the property, or any other ledgers on the property that are set up to use specific Accounts.