Basic Accounting Asset Group Payments
For those of you that are using Basic Accounting Asset Groups, the payments process will look slightly different.
Before attempting Asset Group Payments, please ensure that you are comfortable with what Basic Accounting is - you can read this article to learn about the basic concept.
With Basic Accounting Asset Groups, an additional Asset Group account will be created. You will thus have unit-level tenant and landlord accounts AND an overhead Asset group account in which all funds will be collected. The Asset Group account is ideal to make bulk group-level expenses, for example paying the total municipal account on behalf of the landlord from the funds that you received from the units in the Asset Group.
Payment Processing (allocations and approvals) will need to be done on Unit level and on Asset Group level.
Steps for Payment Processing from A - Z:
- Map funds received to tenant wallets in Banking
- Do payment allocations on unit level. Ensure that you are in the tenant wallet on the Payment Allocations screen.
Do Payment Approvals for unit level
- Do payment allocations for the Asset Group.
- Approve the unit level payments on the Payment Approval Screen
Do payment allocations on Asset Group level. Ensure that you access the Asset Group Wallets on the Payment Allocations Screen.
- Approve Asset Group payments on the Payment Approvals screen.
- Not necessary right away, but keep in mind that Remittances also need to be released out of the system at a time of your choosing.
Video Tutorial:
Overview Illustration:
