Sinking Funds - Collecting and Processing Payments
This article is part of the Developments - Sinking Funds section.
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Once the client has been charged and invoiced, they can make payments towards the Sinking Fund.
Payments to a Sinking Fund are non-refundable if a client sells their property.
Collecting Payments
- The amount that has been invoiced to all clients will show in the Unpaid column on the development Sinking Fund tab.
- Post payments in the usual way. See: Client Payments - Daily Posting Screen
There is no separate section for Sinking Fund balance on the Daily Posting screen.
- At this point, the Monies Held on the Sinking Fund will still be 0.00.
- Process your Payment Reconciliation as normal.
Allocating Client Payments to a Sinking Fund
Once payments have been made, you will need to run the Allocations process to allocate those payments to the Sinking Funds.
Processing Sinking Fund Payments
Once you have run your allocations, you need to transfer the funds received to the Sinking Fund bank account.
The "Sinking Fund Allocation Transfer Type" System Setting controls how much is transferred when you run this process.
You can set this to either transfer the whole amount that has been charged out to clients and enable users to to amend the amount, or you can transfer only the exact amount that has been received from clients and disable the editing functionality.
- From the main Clients tab, click Global to open the Client Global Actions screen.
- Select the Sinking Funds tab.
- Select Process Payments from the Type dropdown.
- Select the appropriate Charge Date Code.
- Use the optional filters to narrow the search results by Office or Property Manager.
- You can run the process for All Developments or a Range of Developments.
Select the same development in the From/To dropdown to run for a single development.
- Click Refresh List to populate the grid.
- Select All or tick the box to select individual funds.
- If you have the feature switched on you can amend the Amount To Be Transferred, if required, by double-clicking into the box and entering a new amount.
- Click Process Transfer.
- A pop-up will provide you with a Batch Number. Click OK to dismiss.
- On the BACS Export screen, select a template to use for the export and click Process.
- A pop-up will confirm a CSV file has been created. Make a note of the file path and click OK to dismiss. This is the file you will upload to your bank to process the inter-company transfer.
- The Monies Held on the Sinking Fund will now reflect the amount transferred.
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