The purpose of “Held on Account” is to enable you to keep money from the owner to use should unforeseen expenses need to be paid. For example, you can “hold” £500 on an owner’s statement (money paid to you by the owner), then if any cleaning/maintenance or other unexpected fees arise, you can use these funds to pay them.
To “hold” the money within the statement:
1. Go to Agency > Edit owners > click Edit against your chosen owner.
2. Scroll down to “Commission settings” and enter the amount you will be holding in the “Minimum owner account value” field and click Save.
3. Once this setting is activated you will be shown this pop-up whenever you access the statement for this owner:
4. Click OK.
5. To mark the £500 as being held, select “Held on account” and enter in the amount you’re holding e.g. “500”.
6. Enter a caption e.g. “Money held” and the date, then click Save. It will now display on your statement underneath.
7. To finalise the holding, tick only the Money held payment entry, ensure “Payment to owner” is selected, enter a caption e.g. “Held”, enter a date and click Save.
The figure being held will show at the bottom of the statement:
To allocate expenses against the “held” money:
1. In the owner statement tick the expenses you want to pay.
2. Ensure “Payment to owner” is selected and tick “Use funds held on account”.
3. Enter a caption, select an appropriate date and click Save.
4. You will now see your held amount has decreased.
