Company Settings: Accounting Settings

Navigate to Company Settings>Accounting Settings

In the Accounting Settings tab, you can configure the default settings such as the prefix applied to the Tenant and Landlord wallet references, billing preferences, monthly statements and more.

The following information should be completed on the Accounting Settings tab as shown below:

Financial Settings

Field	Description
Accounting Reference Prefix	In WeconnectU every account, whether it's for a Tenant or a Landlord, is called a 'Wallet' and comes with a unique reference number (see ‘What is a Wallet’ article). The reference number consists of a chosen Prefix followed by an automatically generated number. This reference number cannot be changed and plays a crucial role in ensuring efficient payment management and allocation within your solution.
VAT Registered	This checkbox indicates whether your Company is registered for VAT. If the VAT box is ticked any Company income related invoices such as Commission, Admin Fees etc, should therefore be captured ex VAT – the solution will automatically add VAT.
Financial Locking	This features enables you to secure a specific period when you’re nearing the end of your financial year and all accounts are ready for the auditors. When enabled, it will restrict users from processing transactions from this specified period set.

Billing & Payment Settings

In this tab, you have the option to select either manual billing or automatic billing. If you opt for automatic billing, you will be asked to specify how many days before the end of the month you want the solution to automatically initiate the billing process. We suggest using the manual workflow, until you are familiar and comfortable with the solution's features and functionality.

Field	Description
Default Billing Day	Only required to be set once you opt for auto-billing and not necessary if you manually execute your billing rules. For instance, should you opt for auto-billing and set the Default Billing Day for “7 days before month end”, then 7 days before month end your WeconnectU solution will execute all billing rules on your billing schedule that have a value filled in
Default Effective Day	This is the due date that reflects on the Invoices/ Statements (usually the 1st of the month). Note that even if your Default Billing Day is 7 days before month end (as discussed above), your Invoices/Statements will still reflect the day selected for Default Effective Day. Rentals and expenses that are not due on the 1st of the month can be amended on a case-by-case basis when creating the Billing Rule or ad-hoc Invoice/Transaction.
Proof of Payment Fee	If you’ve created a beneficiary with an email address, the system will automatically send a Payment Notification message to that beneficiary once a payment has been made to them. However, in instances where a Landlord or Tenant require a Proof of Payment, you are able to set a default recovery Proof of Payment Fee that will be billed to them. Please refer to the article ‘Proof of Payment’.
Billing Workflow	In the solution you have the following billing process flows available; Manually run billing process - You need to navigate to Accounts>Billing Schedule to process the monthly billing manually. Automatically bill on Billing Day - The system will automatically run all your Rent and other Fixed Billing Rules on the Default Billing Day specified.

Additional reference available, please refer to article 'Auto Billing Procedure'

Deposit Settings

Your Investment account operates using an interest distribution model. This means that interest is divided among deposit accounts proportionally, according to their daily balances. This accommodates any changes in interest made by the bank during the month in question.

In this section you can specify whether you wish to withhold a portion of the interest earned on the investment account. The allocation of interest should follow the guidelines outlined by the PPA and advisable to be discussed with your auditors.

For auditing and reporting needs, all deposit related reports are conveniently accessible directly from your WeconnectU solution.

Field	Description
Percentage of Interest allocated to Company*	You can specify the % of total interest capitalised by the bank that should be allocated to your Company Account prior to any interest distribution to Tenant/Landlord deposit accounts.
Exclude landlord deposit accounts from distribution*	If you tick this box, interest will not be distributed to Landlord Deposit Accounts for residential assets.
Exclude commercial assets*	If you tick this box, interest will not be distributed to the Tenant or Landlord Deposit Accounts for commercial assets.

*Please note that the onus is on you to seek advice from your legal advisors, ensuring that you adhere to the latest legislation in this matter. You can see accrued interest to be allocated to your Company Account by navigating to Company Settings and selecting Company Accounts.

Landlord Statement Settings

With this setting you can customise your Landlord statement to show what you want them to see.

Field	Description
Auto send Landlord statements	If you tick this box the solution will automatically send out Landlord statements on the date specified in the Default Landlord statement day field which appears when the aforementioned box has been ticked.
Select default landlord notification template	Although the solution has a basic default message, you have the option to select an email template that you have previously created within your Notifications Template tab (see article 'Company Settings: Notification Templates').
Landlord statement note	The statement note serves as a concise message for the Landlord’s attention, appearing as a footnote on the Landlord Statement.
Select statement components	This features enables you to create and personlise your Landlord Statements. You can define the content you want to present to your Landlords. The statements can reflect income, expenses and invoices or show cashflows and balances based on tenant categories.

Additional reference available, please refer to article 'Landlord Statement Options'

Asset Group Statement Settings

Only required if you make use of Asset Groups set up with Basic Accounting functionality.
This statement provides a summary of all building level expenses.
Unit-level expenses such as commissions will by default not appear on the Asset Group statement but can be set to be included on the actual Asset Group's Accounting Setting tab.

Field	Description
Asset group statement format	Normal Statement Format – This detailed Statement includes two additional layout components when you select this option; Show asset group cashflow and Show unit-level expense account summary. Summarised Statement Format – This statement will provide a condensed representation of each category, offering an overview of fund transactions
Asset group statement note	The statement note serves as a concise message for the Landlord’s attention, appearing as a footnote of the Landlord statement.

Additional reference available, please refer to article 'Asset Group Statement Options'

Tenant Statement Settings

With this setting you can customise your Tenant statement.

If you tick the Show category balances box your Tenant Statement will incorporate an Account Balance Summary that illustrates overall amounts owed per category.

Select default tenant notification template – Although the solution has a basic default message you have the option to select an email template that you have previously created within your Notifications Template tab (see article 'Company Settings: Notification Templates').

Tenant statement note – The statement note serves as a concise message for the Tenant’s attention, appearing as a footnote on the Tenant Statement.

Asset Management Reporting Settings

In this section, you can create a preset message to be sent when inviting a Landlord to access their client portal link.

Default message for investors portal link email

End of article