After receipting and reconciling your bank transactions, you can begin allocating funds on the owner ledgers.

The Owners in Credit page is where you manage unallocated income - money that is available on owner ledgers but hasn't yet been assigned to any charges. From here you can allocate those funds against outstanding deductions and arrange payment to your owners.

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

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.

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.

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

If you have set a preferred payment date on an owner's record, this will be displayed next to the preview payment advice button. This is a visual prompt only - you can still proceed with allocation at any time, but it helps you prioritise which owners are due to be paid.

If an owner is a portfolio landlord, you will see the portfolio icon next to the property address in the Owner column. This is informational at this stage, so you can be aware before allocating.

When allocating owner funds you have two options; Quick Allocation or Detailed Allocation.

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, £120 management fee and a maintenance charge for £125 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 £800.

If there are any upcoming maintenance jobs where the contractor has been instructed, these are displayed in the section below and if a contractor quote has been provided, the quote amount will also show. 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.

If you have marked an owner as a Non Resident Landlord, you will see the relevant NRL deduction (or refund) in the detailed allocation section.

For a detailed breakdown of NRL, see our NRL Tax help article.

If you have any held by owner deposits where the funds have moved from the tenancy ledger to the owner ledger, these funds are locked from being used for any charges and must be paid to the owner. In this case, you will see a banner highlighting this and showing how many funds are available for allocation to invoices.