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This facility is aimed at controlling the receipt of money, the source of which is uncertain.  This is a common issue in the property management industry.  As the amounts cannot be allocated to the correct accounts, they need to be properly controlled to ensure that they are available when the depositor is identified.

 

An overview of the process is as follows:

 

A separate property is used, with the receipts being credited to new units in the property as they are captured.  Property 10000 is reserved for this process.

 

1.  Receipts are captured using the specialized Unit receipt batch, and any cash deposit fee is linked to the receipt.

2.  Attempts are made to identify the correct accounts by using the specialized Search facility and looking through the List of unallocated amounts.

3.  Once identified, the receipts are reallocated to the correct account (Unit, Property or Agent), and the stored cash deposit fee is billed.

 

The effect of this facility is that the receipts are brought into the rental trust account in a structured way, and then re-allocated when the depositor is identified. An audit trail is maintained on the unallocated unit notepad.

 

System note - The default cash deposit fee percentage is stored per account. (BR.CONT UM.CDFPERC)