Lessor Payment Tab
The Payment tab of the Lessor notebook allows the user to review and edit the form and amount of end of period payment.
There are four options for payment:
|•||Hold Lessor's Balance in the Trust Account and do not make payment. Essential for Strata's.|
|•||Make payment by Cheque. The name to appear on the cheque can be different to the Lessor's name.|
|•||Make Electronic payment. The payee's name, BSB and bank account number is required. Always verify this number with the bank before using. To use this option, the user number and various other settings must be made the System Setup.|
|•||Bulk Banking Cheque. Instead of one cheque being printed for each Lessor. All lessors that use the same bank (and have bulk banking selected) will have their payment included on the same cheque. The system will then print out a banking slip detailing the lessors and account numbers for the payment. The System Setup settings must also be made to allow this form of payment.|
Each lessor is connected to a bank. If the lessors bank is not included in the Dropdown list, then a new bank may be added.
You can also select an Amount to Hold.
The fields in the second payee details allow for the end of period payment to be split between two parties. The limitations to this are:
|•||It can only be split on a percentage basis.|
|•||It can only be split between two parties.|
|•||Payment for both parties must be in the same form. E.g. both cheque or both electronic.|
The second payee will receive the percentage of the period-end payment nominated, and the primary payee will receive the rest.
Note: Mid-month payment will not pay the second payee as this is a manual payment.
If the payment split is more complex than that which has been catered for, then:
|•||Make payment to the various parties by means of separate cheques before the end of period payment using the Lessor Payment item.|
|•||Alternatively, place all payments on hold and make payment after end of period processing using the Lessor Payment item.|
The Statement Comment will appear on the Lessor's Statement.
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