Sinking Funds - Adding a New Sinking Fund

Sinking Funds - Adding a New Sinking Fund

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This article is part of the Developments - Sinking Funds section.
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The Sinking Funds feature allows your clients to pay into a pot for major future repairs over a period of time. Each development has a Sinking Funds tab where you can create and manage multiple funds. 

This article covers how to set up a Sinking Fund for a Development.

Alert
Before you start, make sure you have set up Nominal and Bank Nominal for your Sinking Fund. See: System Parameters - Creating Nominals and Bank Nominals

You would normally have a separate bank account and nominal for each Sinking Fund.

Creating a new Sinking Fund

  1. Navigate to the Development tab.

  2. Use the filters to locate the development, highlight in the grid and double-click or click Amend to open.

  3. Select the Sinking Fund tab on the development.



  4. First, select a Charge Date Code. This does not need to be the same as the one set on the Development, but it often is.

  5. Enter the Annual Amount to be collected for the fund.

  6. Enter a relevant Description.

  7. Select which Apportionment the fund should be split over.

  8. Choose a bank account for the fund.

  9. Click the Add New Fund Details button.



  10. This will add a line to the grid.



  11. You can repeat the process to add multiple funds for different things.

Amending a Sinking Fund

  1. If you need to amend the details on a fund, highlight it in the grid and select Edit Selected Fund.



  2. Once you have made your changes, click Update Fund Details.



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