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Handling floats on Arthur

What is a float

An amount of money paid by the property owner as a buffer from which property expenses or repairs are deducted.

Where is the float applied

The float is applied asa transaction at property or unit level depending on how you remit to your owner. This is linked to setting your property owner remittance preference

How is the float applied

Add a transaction to property or unit “Property owner float receipt”

When is the float applied

When remitting to the owner you are given the option to deduct a float from the upcoming landlord remittance. To begin this process. Go To Financial > Property Owner Remittance. From here you can either “Select transaction and remit” or “Batch Remit” – They will both give you the option to withhold a float.

Select Transactions and Remit screen

Batch Remit screen  

How do I use the Float?

On Arthur your Float is held on it’s own statement “Property Owner Float Statement”. It will remain on this statement as credit until you are ready to allocate it to a bill or refund it back to the owner.

To use the money on your float against contractor charges instead of deducting money from remittance.

Create “Disbursement Charge against Float Statement” then allocate the outstanding credit to this charge.

Refunding the Float

How do I Refund the Float?

When you are ready to remit again input a negative amount of the outstanding float in the “Float Adjustment” field

float refund

How do I Refund the Float when I have no Rent to Pay my Owner?

Sometimes Property managers may want to return a float to an Owner when there is currently no rent to be paid over.

Go To Financial > Property Owner Remittance

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