Elevate in July: Posting unidentified funds, buyers export, and more…

Elevate in July: Posting unidentified funds, buyers export, and more…

Here are some of the features, improvements, and bug fixes we shipped in July.

Unidentified funds in the client account

As a rule, money in the client account will be either (1) rental income or recharged expense income already collected by the agency and awaiting payout to landlords, (2) overpayments by landlords or tenants, (3) maintenance funds awaiting payout to suppliers, (4) security deposits either protected in insured schemes or awaiting payout to custodial protection schemes, (5) benefit funds received from local authorities and awaiting allocation to the respective tenancies, or (6) management revenue which has been earned by the agency via fees but has not been transferred to the office account yet.

Although not ideal, agencies may sometimes become aware of money in their client accounts which they cannot trace back to any of these categories. In these scenarios, the bank account cannot be fully reconciled as your accountant will undoubtedly tell you if you cannot entirely account for every penny then it is not reconciled in accounting terms. We have now added the ability to at least allow you to establish accurate balances by designating certain transactions or totals as “unidentified client monies”.

Of course, the ultimate objective is to reconcile your client account fully and regularly, but having an accurate balance, albeit not fully identified, gives a feeling of control going forward and will allow you to quickly identify incorrect transactions going forward. You don’t need to worry about forgetting to complete this reconciliation as any unidentified funds will continue to be highlighted in red on the both bank statements and the client account breakdown pages until resolved.

Charge receipts now link to associated transfer

When property charges (and tenant charges which existed before the ban) have had receipts posted to them, those receipts will be transferred to your office account sooner or later – preferably sooner! Once these have been transferred the associated bank transfer transaction is now linked directly from the charge receipt view for easier traceability.

Buyer preferences now included in CSV export

The residential buyers data export has been enhanced to now incorporate preference matching information which may be stored against those contacts. Exports of data may be used for a variety of purposes, but is quite often processed in Excel spreadsheets to allow enhanced reporting not readily available in the system itself, often combined with other data from other systems.

 

For full details of all updates each month, check out the Release Notes section of the Elevate product helpdesk.

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