Transfer an Account Credit to Rent
If you need to transfer an account credit to rent you will need to follow the procedure set out below:
First check if there is already a ledger setup for Tenant Refund of Credits Held Ledger.
There are a few steps with this. You will initially be allocating the Credit to "Tenant Refund of Credits Held" then Journalling from here to the Trust Account and then Receipting to the Tenant as a Rent receipt.
Go to tenant receipt click on Allocate Credits
Once you have clicked Allocate Credits the statement screen will appear. Close this and the allocate credit screen will be available.
Click on Instant Account and the Instant Payment window will open.
Select Tenant Refund of Credits Held from the drop down list, complete information and click OK.
Then click allocate and Accept and Continue
This screen will appear, tab and click OK and then click Yes to process the receipt.
The funds are now available in the Tenant Refund of Credits Held Ledger.
Now do a Trust Account Journal from the Tenant Refund of Credits Held Ledger to Trust Bank Account (#1).
The funds are now available in the Trust Bank Account and ready for you to do a tenant receipt.
NOTE : Select the tenant, receipt the funds as rent and select the method of payment as DEFT.
Now proceed to your bank reconciliation and flag off the Debit and the Credit amounts as they both offset each other.
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