Objective: This Article outlines the procedure for processing payments from the Trust Account using the PropertyStack software, designed to ensure accurate and secure financial transactions for property management.
In this Article, You Will Learn How to:
Record a new payment in PropertyStack.
Navigate through the Trust Account section.
Understand each field and function in the payment process.
Introduction
Effective management of Trust Account payments is essential for property managers. PropertyStack offers a user-friendly platform to facilitate this process. Follow these steps to execute payment transactions.
Step 1: Access the Payment Section
Go to the 'Trust' tab the 'cashbook' on the sidebar of your PropertyStack interface.
Click on the 'Payments' tab to view all Trust Account transactions.
Step 2: Adding a New Payment
Click on payments
Then select '+ New Payment' in the top-right corner of the Payments screen.
Step 3: Payment Details
The 'Add Payment' pop-up will prompt you to enter the payment details.
Input details for Payee, Description, Amount, and GST inclusion in the respective fields.
Under 'Account Location', select the relevant option (Property, Manager, Supplier, OTA's).
From the dropdown, choose the company or contractor you are making a payment to. You can type in the search bar to quickly find the recipient.
Step 4: Finalizing the Payment
After filling in all necessary information, select the payment method and enter the date when the payment was received.
To complete the transaction, click on the 'Add Payment' button.
The funds will be allocated to the account/property selected
Note:
In order to do a receipt, it's the exact same process as above except for step one, you simply select the "receipts" section:
Conclusion
By following the steps outlined above, you can smoothly process payments from the Trust Account in PropertyStack, maintaining transparency and accuracy in your financial records.