Trust Creditor Ledger Accounts

Trust Creditor Ledger Accounts are generic Accounts that are not linked to a specific Lease. They typically contain money that are currently in the Trust Account and not allocated to a specific Lease. GL Accounts are however linked to the current Trust Bank Account when they are created due to the fact that they will form part of the Recon Process for a specific Trust Account. These Accounts can typically be used for the following:

  • As a temporary Suspense Account for money received
  • As a Maintenance Pocket Account for a Landlord who might want to pay money into a Pocket Account to be retained for some purposes such as a rather large Maintenance Project for instance
  • As an Income Combo Account for a Landlord who might have many properties and would like you to pay expenses on his behalf that are not related to any specific property.

The Trust Creditor General Ledger Accounts (GL Accounts) can be accessed from the Accounts -> GL Accounts menu by any Administrator who have access to the Accounts and where the GL Account permission is ON.

When the GL Account menu option is selected, a list of the current GL Accounts is displayed as shown below:

From this query you you can:

  • Add GL Account - click this button to add a new GL Account linked to the currently selected Trust Account
  • Use the Options drop down on a GL Account record to...
    • View / Edit the GL Account detail
    • Show the GL Account transactions

When you select Show Transactions from the Options drop down menu, the GL Account Transaction query is displayed as shown below:

From this query you can:

  • Create a Payment Instruction - use this option to select a Beneficiary and create a Payment Instruction directly on the Bank Payment Schedule. 
  • Transfer to Lease Account - use this option to select a Lease Account and transfer money from the GL Account to a Lease Account. The system will create a Journal Payment on the Tenant Account for the Lease and put the Payment on the Allocations Dashboard so that you can split and make payments as per the normal allocation process.
  • Transfer to GL Account - use this option to select another GL Account to transfer money to. The system will create a Debit (Money Out) transaction on the current GL Account and a Credit (Money In) on the selected GL Account.

The Status Field

The meaning of the status field options that will be used by the system to track money transfers to and from GL Accounts are explained below:

  • Reconciled - the status will be reconciled when either a Bank Credit or Bank Debit Transaction was linked directly to a GL Account Transaction. Reconciled GL Account Transactions will be included in Trust Recon records.
  • Transfered - the status will be transfered when Money has been transfered to a Lease Account or another GL Account. Transfered transactions will not be included in Trust Recon Records.
  • Approved - the status will be Approved when a Payment Instruction has been created on the Bank Payment schedule.
  • Paid - the status will be paid when a Payment on the Bank Payment Schedule that is linked to a GL Account Transaction had been marked as PAID.

How do you transfer Money into a GL Account

Money can be transfered to any current GL Account from any of the following queries in the system:

  • From the Bank Credit Panel - by using the Link to GL Account feature from the Options Drop down on the Credit Bank panel
  • From the Bank Payment Schedule - by using the Transfer to GL Account feature from the Options Drop down on a Bank Payment Schedule record
  • From any GL Account with a Positive Balance - by using the Transfer to GL Account feature from the GL Account Transaction query as explained above

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