Transactions
Transactions can be raised as either
- Charges (Debits)money being taken out of an Account
Or
- Payments (Credits) (money being paid into an Account)
Transactions are listed in chronological order against each Contact on their Account tab.
Each Transaction can store the following information:
Under the General Details tab
- Property - Property that Transaction is related to
- Contact - the Contact the Transaction is related to
- Bank Account - Client, Current, Deposit etc
- Due Date - the date that the Transaction is due for Payment (for Debits)
- Payment Method - link to a defined Payment Method
- Product - link to a defined Product
- Tax Rate - automatically populated based on the Product selected
- Status - Unpaid or Paid
- Amount (Gross) - the amount to be Debited / Credited
- Net - the net total amount
- VAT - amount and % tax.
- Statement Notes - free format text that will be printed on the Contacts Statement
- Notes - free format text for reference use only i.e. not printed on the Contacts Statement
- Commission - for Transactions using the Rent Due Product the commission rate to be charged to the Landlord. This is defaulted to the values held against the Property when a Tenancy is created, but can be modified if required
.
Under the System Info tab
- Added By - User who added the Transaction
- Added Dated - date added
- Site /Branch - the branch that created the transaction number.
- Include on Bank Rec. -whether the transaction is to be included in the Bank Reconciliation.
- Advanced Settings - these are system dates that may only changed when advised by Acquaint support
- Account To Show In
- Status Date
- Banking Date*
- Reset Balance
How the Banking Date works
- For unpaid debits a Banking Date won't be set (date will be shown as 01/01/1900)
- For paid debits the Banking Date will be set to the Status Date
- The Banking Date is used for the Bank Account Balance report which can be produced from Management Reports
Linked Transactions
The linked tab aids with financial auditing by showing a list of the transaction that are related to a charge/payment
- Date - due date of the transactions
- Description - product description for the transaction
- Contact - the contact for whom the transaction relates to
- Debits - debit amount of the transaction
- Credits - credit amount of the transaction
When entering amounts use keystrokes short cuts to make it quicker. For example, type "100K" and this will format as "£100,000", type "1M" and this will format as "£1,000,000"
You can drill down further into any of the transactions listed by double clicking on in it.
When creating a Tenancy for a Contact, Rent Due Transactions are created automatically based on the Payment Schedule