Money Due Out - Paying Landlord and Contractors
In this guide we will concentrate on the Money Due out section. This is a list of all the money that needs to be paid to certain people like landlords and contractors. It will show how much rent has been received minus your fee deductions, any jobs that needs to be deducted and the total of what the landlord is going to get. The best way to do this is by the Money Due Out section on the navigational panel on the left-hand side of the screen on PM.
Once you have click this you can see a list of all the money that is due out. You can use the filter at the top of the screen to change any of the criteria in this list. For example you can filter by Account type or Accounts with Negative totals in there.
This list will show you all the landlords and contractors that have money on the system ready to be paid for them.
As we can see from the example above, there is a received column and the total we are supposed to pay out to the contractor or landlord. There is the total to pay out on the right hand side with the button to add to the process list.
Please remember to pay the actual money from your bank account as well as marking it in Rezi PM as being sent if you do not currently use the 'Open Banking' function of Rezi PM Accounts to make payments. If you do not use 'Open Banking' in Rezi PM Accounts to make payments and would like a demonstration - please contact us at https://www.dezrez.co.uk/book-demo.
If there are any deductions on the rent that need to be paid to the landlord they will show up on this screen. If a landlord has more than one property, then all the properties will show in this account. Remember we are looking at their account not individual rent payments. So, it's all money due to the landlord this month.
If you click anywhere on the line of payment that you wish to pay out, the line will open up as a link and give a detailed look at the payments for this landlord. If you want to look at the payment you must not click on the name of the Landlord or Contractor as that is a link that will take you to the Landlord or Contractor Details page in Rezi PM.
It is also noteworthy that when you click on the line of payment you wish to look at, a drop-down box appears next to the name of the landlord above the payment amounts. This box, by default, will be set to all transactions to allow for the fact that it may be a landlord with multiple properties and to allow selection of one property at a time to examine the payments due to the landlord one particular property at a time.
So from the below screen, we've clicked on Prof. Rhys Billan's Account. This is showing us that the rent has been paid from their tenant of £750, and an additional £750 that was previously suspended funds that have been now identified as belonging to Prof. Billan and received to their Account, making a total received of £1500.
Further down the screen, we see any deductions from the landlord's money that is due to be paid. In this example we as the agent are taking £300 to pay for a recent Mice Removal job (as money for contractor jobs can be deducted here as well as Agency fees) and our ten percent Management Fee which equates to £75 in this case, making a total of £375 in deductions. This is leaving us to pay the Landlord a total of £1,125 into their account.
Once you are happy with the way this looks, please click the 'Add transaction' button in orange towards the bottom right of the screen. Alternatively, if you are confident that you do not need to take a deeper look at the amount and any deductions, pressing the blue 'Add' button on the line of payment skips the detailed look at the payment and deductions.
Whichever way you choose to add the transaction - the transactions build up in a column on the right hand side like we see in the example below:
This will automatically create a statement for the landlord either via email or PDF, the format is up to you and as this is an integration with Rezi Post, you can customise your preferences for these statements. Clicking on the 'Eye' symbol next to the cross as seen in the image above allows you to generate a preview of the statement. One-off changes to this statement can be made when you see the 'Preview statement' pop-up box appear with a link into the document for the Payment Statement as we see in the image below. Any changes made as a one-off for this particular statement via this method remain on Rezi Post for a maximum of 24 hours if the payment is not processed within that timeframe.
Once you have made and saved any one-off changes or downloaded a copy of this statement, you can close the pop up screen. So far we have created a statement to the landlord ready to send. It will not send it to the landlord until you press 'Process & send statements' at the bottom right of the screen, as we see in the image below.
You can queue all the landlord statements up and send them all at once, saving a massive amount of time.
As we can see from the image above, once you have clicked 'Process & send statements', a message will appear in a pop-up on the screen asking you if you want to use the 'Bank Integration' to transfer the funds you have selected. If you use 'Open Banking', you will select 'Yes' and follow the process from there. If you do not use 'Open Banking' to make payments via the integration, you would select 'No', which will update the payment batch as processed and send statements, attaching the money to the landlord's balance. If you do not currently use 'Open Banking and would like a demonstration - please book a demonstration via the following link: https://www.dezrez.co.uk/book-demo.
Once you have paid who you need to pay, the statement will typically reflect the payment minus the deductions as follows:
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