Transactions are either Charges or Receipts Arthur provides a set of default transactions types for charges and receipts. You can also create your own transaction types (analysis codes)
Contract Fee Charge – Generic code for a admin fee to prepare a contract
Deposit Transfer to Rent Account – This code is used when transferring a deposit from the tenancy deposit account to the tenant rent account. This is linked to the article creating a tenancy closing statement
Direct Rent – Code used when self managing a tenancy. i.e there is no property owner statement. This is linked to charging rent to a tenancy
Rent Charge – Code used when managing on behalf of someone else. i.e there a property owner statement. This is linked to charging rent to a tenancy
Disbursement Charge(Recharge) – This is used when charging a tenant/owner for a bill you paid to a third party (should always be two transactions created, one receivable and one expenditure for your business)
Disbursement Charge against a Float Statement – Allows you to hold charges against your float in a separate property owner ledger so you can separate them from the main owner account. All transactions that use this code can only be viewed on ‘property owner float statement’.
Head Agent Commission – This is used where you have a agent that collects your rent and then pays you less their commissions. This article is linked to dealing with head agent commission
Reference Fee Charge – This is often used to charge a tenant for a reference
Service Charge – Charge will usually cover maintenance and repair work in communal areas.
Sundry Charge – This is used for any generic charge to a tenant/owner; the money you receive is revenue for you company (e.g. tenant find fees/admin fees)
Tax Deduction – In cases where withholding tax is made against an overseas property owner, you can use this code to analyse the amount of tax deducted.
Tenant Opening Balance – This transaction has been created for Xero users, who when they set up their opening balances may want it to appear on a different section of the balance sheet rather than the same account their rents go into. This can be remapped, but please speak to a member of the team before using this transaction type.
Payment made to Property Owner – This is used by the property manager, when the property owner asks for a sum of money to be sent immediately (outside of a remittance). This will then be deducted from the amount to be paid to the owner when you process their Property Owner Remittance.
Property Owner Float Receipt – This is used by the property managers when the property owner pays a sum of money direct to hold for a float. This transaction is also used to input a Float Opening Balance on the Float Statement. All transactions that use this code can be seen in the ‘property owner float statement’, they will not be seen on the main property owner statement.
Property Owner Receipt – This is used by the property manager when the Property Owner makes a direct payment to the manager. For example, if the owner pays £1000 to a property manager, for future charges at the end of a tenancy, such as cleaning. Xero users click here.
Registered Deposit Receipt – This code is used when receiving the registered deposit. This code enters the funds directly into the tenant deposit account.