Note: This may be a bi – weekly process if you don’t do a lot of management.
The first step is to look at your physical bank account. Here is where you will see what monies have come in. Some people print this off or simply have it open on another screen. This makes it easier to start posting into Acquaint.
Post rents received through the “Rent Due” screen or receive any booking deposits into the purchaser’s account.
You may get rent in without a reference so it is best to try identify these as soon as you can.
Top Tip : Share these transactions with the whole team and get them to help identify.
It is best practice to have a shared spreadsheet to record cash/cheques to track what has been lodged and not.
Once the job is completed and the contractor’s invoice has been submitted, you should move the status of the work order to “closed and billed”.
Note: Attach the contractor’s invoice either in correspondence or on the first page of closed/billed process.
If there are any other charges, make sure to post them against the relevant contacts in Acquaint (e.g. charging a landlord for a new washing machine).
Once you have marked the rent as paid that landlord will appear in the “Landlords to pay” section. Tick the landlords you wish to pay and the date you actually paid them and then click “run”.
There is also an option to create a bulk payment file that will allow you to pay all landlords in seconds through the bank.
After you have accepted rent and paid the landlord, funds are then available to pay the contractor.
Note: If using the bulk payment file, generate file and save on pc.
If you have closed off a sale and are going to pay the remainder of the deposit over to a Solicitor or Vendor today, then close off the sale in Acquaint.
Once you have paid everyone who is due to be paid in Acquaint then you can run “Fees to Transfer” to take your own fees. Tick what fees you are taking and click “run”.
The cashing up report will show you all incoming and outgoing transactions to your client account for the dates you choose. This is a great report to print off before you make the transfers in your physical bank account.
The cashing up report will identify the payments you need to make to all clients, contractors, and what to transfer to your office account. Make these payments through your internet banking or upload the bulk payment file if you have this facility.
We have created a financial best practice document covering daily, weekly, and quarterly processes. Click below to view.
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