Retaining Funds for Repairs

Retaining Funds for Repairs

Go to the ‘Landlords’ module and double click on the Landlord from whom you wish to retain funds for repair




In this screen down the right hand side (Landlord Management) you need to change ‘Statement by’ to ‘Individual Properties’ – make sure ‘Inc. Repair’ is ticked - Enter the amount in ‘Repair Retain’ and the date you wish it to run until, then ‘Save & Exit’


When you create the Landlord Statement you will see the transaction retained for repairs

 

If the landlord pays you the money directly for repairs rather than, putting them through their statements, you can record this in the Landlord record.

To do this go to the Landlords module, and Double click on the relevant Landlord record.


 In the landlord record go to the ‘Repair Retain’ section on the bottom right corner and single click on the Account tab next to it.

 

Select ‘Transfer Funds’


 You have four options in this window –


 Opening Balance

 If you are new to the software and have an opening balance, select ‘Opening Balance’ and enter the details, as below, then click ‘Post’.


 This will create a journal entry, debiting ‘Landlord Control Account’ and crediting ‘Fund Repair’

 

 

Receipt from Landlord

If the landlord is paying you funds direct, then select ‘Receipt from Landlord’.

Put in the correct date (date you received money), reference (e.g. BACS/cheque etc.) and correct amount (always double check that the rest of the information is correct) and click ‘Post’.

 

The transaction will then appear in the list as a ‘Bank Receipt’

 

When you need to use this fund to pay for expenses, you can either add it to the statement or pay it direct back to the landlord –

Transfer to Statement

 In the ‘Repair Account’ window, click on ‘Transfer Funds’ and then select ‘Transfer to Statement’.

 

Enter the details as before and the amount you wish to transfer and click ‘Post’.

You will see the deduction in the list and, when you next create a statement, the funds will be added.

 


Pay to Landlord

 If you are paying the Landlord the funds directly, repeat the previous process, selecting ‘Pay to Landlord’ and ‘Post’.

This will create a ‘BP’ (Bank Payment) and no further action is to be taken


 


    • Related Articles

    • Retaining Overseas Tax for Landlords

      Click on the ‘Spanner’ icon in the top tool bar   This will bring up the Sage Company List – double click on the ‘Company’ and this will bring up the ‘Company’ Window  Click on ‘Client Nominals’ and make sure a % is entered in ‘Default Tax Reserve ...

    • Agent Transfer Process

      Once you have completed the process of receipting rents, creating the landlord statement and paying the landlord, you will now want to transfer your agent fees from the client account to your office account. These transactions will be in the ...

    • The Agent Module (Agent Version)

      The 'Agent' module contains tools, features and reports relating to the Agent side of the software Options Section   Agent Process Please see document ‘Agent Process’ for more details Landlord Adjustment Please see document ‘Landlord Adjustment’ for ...