The simplest method for settling a property's charges, or indeed to settle a landlord's charges across his whole portfolio in one go, is to opt to pay these at the same time as making the payment out to the landlord.
Allocating money to charges during the payout process
Follow the process for making a payment to a landlord, but consider the following steps.
- On each row, you can tick the Pay All Charges checkbox to automatically pay this property's charges from its available credit balance during the payout.
- To do this quickly across all properties, click the Settle in Full button.
- If some properties do not have sufficient funds to pay their charges, you can opt to use funds from other properties in the landlord's portfolio to pay these charges, if you wish.
- When all properties have been dealt with in this manner, complete the bank payment details in the form in the latter section of the page and click Pay Landlord.
The charges will now be marked as paid.
The balance due to the office ledger by this property will reduce, and the funds available in the client account will reduce (probably to zero) to indicate that all charges have been paid and the remaining balance has been paid out to the landlord.
To complete the process, but not necessary at this stage, is to transfer management revenue from the client account to the office or business bank account where it may be used or withdrawn by the business.