This will give a summary of Arthur financials on a basic level
Any transactions added to Arthur will have a relationship to:
Transaction will fall under two main categories:
Identifying your management type in Arthur’s ‘Financials’ is a fundamental step to ensure that your set up reflects your business. This is especially important if you intend to integrate with cloud accounting software later on.
Two types are available;
Some Arthur clients are a mixture of both so we suggest setting your default position to the most common management type. To set you default position on rent type click here
Depending on the level you view the statement will determine what transactions you see
Remittances are a collection of charges and receipts that result in a single payment (transaction) being made. Remittances are made to:
Remittances payable to owner, tenant and contractor are the net figure paid to them. The remittance will generally be a collection of transactions.
You must never void a remittance as it voids all the linked transactions within. To remove or add further tramsaction to the remittance the remittance must first be unallocated and then adjusted
This is linked to th article how to set up you remittance preference
There are many advantages to using the two systems. One of the most important is the avoidance of having to manually record the same data across multiple software/spreadsheets. Another advantage is that it complies with new regulations for Making Tax Digital. One of the best features is the bank feed and reconciliation process. In short, Arthur is responsible for tenant, owner and contractor statements and Xero or QuickBooks is responsible for your business. This gives users the best of two worlds.
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