Split Payment (Reconciliation)
The Split Payment feature on the Reconcile page allows you to distribute a single incoming bank transaction across multiple tenancy ledgers. A common example of when this is useful is when a housing benefit company sends one payment covering rent for multiple tenancies - rather than receipting the full amount to one tenancy, you can split it and receipt the correct amount to each one.
Note — This feature is not to be confused with Owner Split Payments, which controls how rent income is divided between multiple owners of the same property.
When is Split Payment available?
The Split Payment option is only available for incoming (positive) bank transactions and can only be used to receipt on to tenancy ledgers.
You can find the option on the Reconcile page using the 'more' menu on the right hand side of a transaction row. It can be used when a transaction has no match as well as when Street has suggested a match but you want to override it and split instead.
Note - If the transaction is a linked payment, you won't see the option to split the payment. You would need to unlink the linked transaction first.
How to Split a Payment
After selecting split payment, a new panel will appear below the transaction with two empty recipient slots to get you started.
Step 1 - Add your recipients
For each slot, search for the tenancy you want to send funds to by address, owner name, or tenant name. Once selected, Street will display the tenancy address, tenant names, current balance, and any relevant status such as New Tenancy or Tenancy Ending Soon.
Next, enter the amount to receipt into that tenancy in the amount field.
Tip! If you need to split across more than two tenancies, click Add Recipient to add additional slots. There is no limit on the number of recipients you can add.
Step 2 - Allocate the full amount
As you enter amounts, Street tracks how much of the transaction is still left to allocate. This is shown in a pill beneath the recipients - it will show in red while there is still money unaccounted for, and turn green once the total across all recipients exactly matches the bank transaction amount.
The Receipt & Reconcile button will only become available once the full amount has been allocated.
Note - The total you enter across all recipients must equal the bank transaction amount exactly before you can proceed.
Step 3 - Recipient options
On each recipient row, click the three dot menu to access additional options, where you can view the ledger and tenancy details, as well as remove the recipient if you've selected the wrong tenancy.
Step 4 - Receipt & Reconcile
When you're ready, click Receipt & Reconcile. Street will create a separate payment receipt on each tenancy ledger for the amount you specified, and the bank transaction will be marked as reconciled. If auto-allocation is enabled, it will run independently on each tenancy straight away.
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!