The Banking screen - Step 1 in Payment Processing
The Banking tab under Payments is where all incoming payments will reflect in your Trust Account.
The following article and Video Tutorial below will ensure you know all you need to know about this screen.
This is the first step in the payment processing process.
You can find this screen under the Payments tab.
- The Banking screen is a live environment that refreshes every 15 minutes to show you all incoming credits
- The purpose of this screen is to map (place) the funds received to the correct wallet in the system. After mapping, you should also then Submit/Submit all the funds - the moment this is done, the funds will be available for use in the desired wallet.
- Mapping definition: To place the funds received in a wallet in the system.
- Golden rule: Map to the wallet of the person who made the payment. E.g., if a tenant paid their monthly rental, map it to the tenant wallet. The inscription would then be "payment received" on the tenant account.
Different payment received scenarios:
1. The tenant paid and used the correct payment reference:
- The system will recognize the reference used and automatically match and map it to the correct wallet.
2. The tenant paid and used an incorrect payment reference:
- It is your responsibility to manually search for the correct wallet and map the funds there
Simply click on the "click to map" box, and search for the tenant/landlord/asset group name, asset name or correct payment reference. The results will pop up and you can select the correct wallet.
- NB: If a tenant paid, funds should go to the Tenant Wallet. You only map funds to a Landlord Wallet if a landlord paid directly for an invoice that was not covered by his rental income.
3. The tenant paid and used the exact same incorrect reference for the same payment amount:
- When the tenant uses the wrong reference again, the system will recognize and remember the mapping you did last time.
- When in yellow, you need to review this historically based mapping before submitting it.
Remember to submit payments after mapping them. You will be able to find the mapped funds on the Payment Allocations screen.
General note: No automated mapping will be done to archived Leases. The archived Leases will also not be displayed as a mapping option. If you receive money for an archived Lease, you will have to un-archive the Lease first. It will then become available as a Mapping Option and show as a Past Lease.