Managing Property Floats - Additional Options

This article is part of the Property Floats section.

Find all related articles here:

Property Floats

The system provides tools to handle float refunds and transfers when a property is sold or a development ceases.

Float Refunds for Sold Properties or Ceased Developments

You can delay float refunds when a property is sold, to ensure that any outstanding balances are cleared first. 

Set a Float Repayment Date to stop the system from processing the refund until the specified date has passed. This date must be at least one day later than the sale date.

By default, float repayments are posted to the Charge File. You can configure them to post to the Transaction File instead.

Contact Support to adjust this in the system setting "Float Repayment Post To."

1. Set a Float Repayment Date during the sale process:
   
   
   
   
2. Run the Process Float Repayments tool in the Client Global menu. This process identifies exiting clients whose repayment date has passed.
   

This tool can also be used for ceased developments.

1. Select a Date To Process and either a specific development or all developments.
   
   
2. Click Print Prelist to double-check the float repayments that are about to be processed. All float repayments due up to the selected date will be listed.
   
   
3. When you're ready, click Process Payments and confirm the pop-up messages.
   
   

1. The refund is credited to the Client Charge File and can either be issued as a refund or applied to client's final invoice.
   

By default, float repayments are posted to the Charge File. You can configure them to post to the Transaction File instead.

Contact Support to adjust this in the system setting "Float Repayment Post To."

1. If you're not due to run a standard invoice but need to process the refund, run an Amended Account invoice.
1. Even if you don't intend to send an invoice, the charge can only be moved from the Charge File to the Client Transaction File by running a standard invoice or an amended account.

Handover Floats to New Clients

The Handover Float checkbox on the Development Master screen transfers a float from the exiting client to the incoming client:

This is typically used when a developer has an agreement with buyers.

Before processing standard property sales, disable this option to prevent unintended float transfers.

Float Payments by Direct Debit

Floats can be collected via Direct Debit if GoCardless is activated and the "Allow Multiple Direct Debits" system setting is enabled.

Select Float in the DD Account Type drop-down when setting up a Direct Debit:

The payment will appear under Float Transactions.

Importing Float within Bank Payments

When importing Bank Payments, any amounts in the FloatAmount column can be allocated against floats:



Simply tick Settle Float on the Payment Posting screen:

The payment will appear under Float Transactions.

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