This program is applicable in a Central Banking Environment. It automatically pays amounts due by a Property to its Agent. It can be run for many Properties or for a single Property, depending on the selection process used.
These amounts due are usually related to commissions, management fees or sundry fee charges, charged by an Agent to a Property. The amounts due are Debtors to the Agents, and Creditors to the Properties. This program automatically pays the Property Creditor, and receipts the Agent Debtor, allocating funds to the relevant parties via the Central Banking System.
The program can be run in test mode, as can be seen from the example selection screen shown below, and can be run as often as needed or desired. The program is usually run once or twice (beginning & end of month) a month. The usual reasons for restricting the number of times that this program is run in any given month are as follows: -
l an entry is recorded each time the program is run, which can make a surplus report look busy
l if bank charges are activated in your account, bank charges are charged to the Property every time a payment is made
Refer to Fees to a Landlord (Agent) for more information about the charging of these fees.