Allocate Funds

Now that you've receipted and reconciled your bank transactions, you can begin allocating funds on the owner ledger.

To get started, head to the Accounting tab on the left and click on the Allocate Funds tab.

This page will show you a list of owner and tenancy ledgers that have unallocated funds on the ledger. For example, owner ledgers where rent income has just come in from the tenant. And tenancy ledgers where rent has come in but not yet been allocated to a charge.

Here you can preview the statement, allocate the payment or view a detailed allocation page.

The tenancies in credit tab is informational only and gives you a breakdown of any tenancies that have unallocated funds on them. For example this may be tenants who have paid early, overpaid their rent or have excess money left after moving out. It's important to note that you cannot perform any actions from this tab, other than viewing the tenancy and ledger.

The Owners in Credit tab shows any owner ledgers that have funds available. Here you can see a breakdown of the money received, their float amount, any charges and what to pay the owner. The process here is to allocate the available funds to the relevant charges.

On the right hand side, next to the Allocate button, there is a document icon which is the 'preview statement option'. This allows you to see what the statement will look, based on the income and charges. When the payment is allocated, that statement will generate and will appear in the ledger

Clicking the Allocate button will allocate the that payment instantly and give you a 5 second timer to cancel the allocation should you need to. This should be used if you can visually see that everything is correct and makes sense, for example a simple rent cycle including rent income, management fee and owner payment.

Clicking the drop down arrow to the right hand side of the Allocate button gives you a detailed breakdown of the allocation. Here you can see exactly what income has come in, what charges are on the ledger and choose which charge to allocate to.

For example, you have £1,000 rent income, £100 management fee and a maintenance charge for £150 but you may have agreed to pay the contractor next month. In this case you can untick the maintenance charge and ensure you pay the owner £900.

If there are any upcoming maintenance jobs, these are displayed in the section below also. This is purely informational, but allows you to make a decision early whether you should withhold money.

When you are ready to proceed, click Allocate for each owner and you can move on to the Payments to Make section.