Transfer Fees

Money held or rent collected, including deposits on behalf of landlords should be considered as client money. Fees are your profit so it is important to ensure you are managing your Fees.

Initially, fees fees such as management fees, introduction fees and administration fees will initially appear in the in the Client Account until they are transferred to the Current Account. As a Letting Agent part of this money are the fees which make up your profit and therefore need to be transferred to your current account.

Use the Transfer Fees function to manage the transfer of these fees and provide a full audit trail of these monies.

From the Home Page a Reminder appears for Fees To Transfer. When clicked on, this will display a screen to select which company you are transferring fees from. This screen can also be accessed by via the Transfer Fees option located under the Financial tab, in the Account Transfers drop down in the General group of the ribbon menu.

Transferring Fees

1. Select the From Bank Account to choose the Bank Account the fees are being transferred from. This defaults to the Client.
2. Select To Bank Account to choose the Bank Account the fees are being transferred to.
3. The Transfer Date defaults to today but can be changed to a date in the past.
• Expand the view by clicking on the + on the left hand side and you can view details such as Contact, Property and Amount. You can double click on an individual transaction to view it. The following information will be displayed:
  • Description
  • Paid Date
  • Contact
  • Property
  • Net
  • VAT
  • Amount
4. By default all the fees will be selected you can exclude specific fees by clearing the Include check box against the transactions you want to exclude.
5. When you are ready to transfer fees click Run. These monies will appear in your Current Account with a Description of 'Bank Transfer' and a Method of 'Account Transfer'.

View an audit trail of Bank Transfers in the Company Account screen by double clicking on the transaction and selecting the Linked Transactions tab and details for the related transactions will be displayed. For example, within the Landlord account, if viewing a Rent Received Transactions, clicking on the Linked Transactions tab will show details of the Rent Due Transaction for the Tenant.