When bonds are receipted the program maintains records of tenant's bonds. From initial collection from the tenant to final disbursement upon vacating.
The Tenant Bond tab shows the location and amount of tenant bond funds. This screen has 3 sections which shows where the tenant bond is at any stage. When the bond is first receipted and also when it is returned from the Bond Trust Account it appears in the top section headed Bond Received From Tenant.
There are two systems of retaining bonds. The user can elect to deposit it either into a Bond Trust Account or
with the Bond Administrator.
When the user selects to transfer the funds to a Bond Trust Account the funds appear in the middle section.
When the user selects to transfer the funds to The Administrator the funds appear in the bottom section.
There is a difference between bonds that are sent to the Bond Trust Account and the Administrator.
Bonds sent to the Bond Trust Account are still a liability of the Trust Account and the funds are shown as a credit in Bonds in Trust Ledger (7).
When the bonds are transferred to the bond T/A the credit balance of theBonds In Trust (# 7) ledger does not change. The debit balance of the Bonds External ledger (# 15) debited. The debit balance of this account must then be the credit balance of Bonds Trust Account.
In the latter, the funds are no longer the liability of the main Trust Account. Hence, the balance of the Bonds in Trust ledger is debited.
The BSB and account numbers of the main Trust Account and the Bond Trust Account are maintained in the Bank tab of System setup
Bond procedures are:
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