An amount of money paid by the property owner as a buffer from which property expenses or repairs are deducted.
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
Add a transaction to property or unit “Property owner float receipt”
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
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.
When you are ready to remit again input a negative amount of the outstanding float in the “Float Adjustment” field
Sometimes Property managers may want to return a float to an Owner when there is currently no rent to be paid over.
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