Tenant Account Credit Held (Ledger 32001)
Ledger 32001 - An Explanation
In order to streamline the handling of amounts paid in advance by tenants against future accounts the following system is in operation.
When a tenant pays an amount in addition to rent where there is no existing account and an Instant Account is not raised, the system will raise a credit and the funds will be posted to ledger 32001 (the "kitty").The funds stored in "the kitty" can be put towards any account that may be raised in the future.
These funds belong to all tenants and their names will be noted in Ledger 32001 under the transaction list.
Funds stored in ledger 32001 are not credited to the Lessor until they have been allocated against an account.
This general credit system also applies to Commercial type tenants.
On the tenant detail screen it will show the total of account credits held and the total of any outstanding accounts. The calc button next to the Accounts/Credits field is used to recalculate/refresh the amount shown if required.
A new report is now included in the First Day of the Month Audit Reports detailing the amounts held as credits on behalf of tenants. The total shown on this report will substantiate the total of ledger 32001 as recorded on the Trust Account Trial Balance report.
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