An amount of money some management companies/agents withhold from the rent collected for their landlords in order to deal with unforeseen property expenses or repairs.
If you are just starting Arthur you may need to input the balances you are currently holding for you Owners.
Step 1: Add Transaction
Select a Property/unit the owner owns (doesn’t matter which one) then select the statement. Select “Add Transation”, transaction type “Property Owner Float Receipt”.
Be sure to Choose the Bank Account the Float is paid into.
The Property Owner Float Statement will hold the opening balance transaction and here you will be able to allocate it to charges. See “Handling Floats” for further instructions on how to use your Float.
Note: Changing remittance preference
You can change the remittance preference on your account to Property/Owner, this will then allow you to use the float in relation to the whole property if you added the opening balance at unit level or in relation to the owner’s whole portfolio if you add the opening balance at property level.
See “Specifying Remittance Preference” for further instructions on this step.
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