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What is a Linked Payment?

An explanation of what a Linked Payment is on the reconciliation page

Elliot Palmer avatar
Written by Elliot Palmer
Updated over 4 months ago

Linked Payments

On the Reconcile page you will see a series of filterable tiles at the top of the page, allowing you to easily view and manage specific transaction types.

Transactions will show in the Linked Payments tile when an imported bank transaction meets the criteria on an existing matching rule. In this case the system has detected the corresponding linked ledger, based on the matching rule.

Note - Linked payments only apply to incoming transactions. It's not possible to link an outgoing transaction as this will already exist as a transaction in Street.

Linked Payment Transactions will be displayed in green in the transaction list where you can simply click the Reconcile button to both receipt that money onto the ledger and reconcile it.

If you have the Auto Allocate setting enabled, clicking Reconcile on a Linked Payment will allocate the funds to the appropriate charge or if there are no charges the funds will be added to the ledger and auto allocate when the next charge is generated. If you do not have Auto Allocate turned on, the funds will simply be receipted onto the ledger and remain there for you to manually allocated.

Options

Clicking the 'Options' drop down gives you access to a few different options including viewing the tenancy details and the tenancy ledger for quick access as well as changing allocation of funds and unlinking the linked payment.

Change Allocation of Funds

Within the 'Options' drop down you have the option to change the allocation of funds.

Here you will see a list of any charges which you can tick/untick as necessary and adjust the amount to allocate to each charge.

If there is any money left to allocate (either due to there being no charges on the ledger, the receipted money being more than the combined charges or manually allocating less than the full receipt) you will see an additional option for 'auto allocate remaining funds'.

If 'auto allocate remaining funds' is toggled on, at 4am each morning the system will check for any charges on the the tenancy ledger and allocate those unallocated funds to those charges, based on the allocation priority as setup in your Reconciliation and Allocation settings.

If you do not want this money to automatically allocate to charges, you can untick this. Doing so will still receipt that money onto the ledger but leave those remaining funds unallocated and they will remain unallocated indefinitely (bypassing your auto allocation settings) until you manually allocate on the ledger.

Note - If you are linking to a lettings application, owner, contractor or agency ledger the money will receipt onto the ledger but will not allocate to any charges.

Unlink Payment

Also within the 'options' drop down, you have the option to unlink the payment.

Clicking unlink will give you the option of deleting the corresponding matching rule as well or just unlinking. Deleting the matching rule will both unlink the transaction and permanently delete the matching rule used to link that payment. If you choose to keep the matching rule, only the payment link will be removed and the transaction will then show as a No Match.

Bulk Reconcile

At the bottom of the reconcile page you will see a 'bulk reconcile' button. This button allows you to reconcile all linked payments with one click. This is an extremely useful feature for when you have matching rules setup for your tenancies as you can import your bank statement and bulk reconcile every transaction that matches the criteria in the corresponding rule.

Note - Bulk reconcile only looks at Linked Payments and does not include Suggested Matches.

For more information on the full reconciliation process, see our Reconciling and Receipting help article and for other types of transaction matches see our Reconcile collection.

Street is constantly being updated. This can mean that some of these articles become slightly out of date. If you spot something that looks a little bit different to your Street account, please let us know on the live chat so we can get it updated!

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