Client money check: bank against what is owed and held
Pick a day and see the client bank balance next to what you owe owners and the deposits you hold. The difference tells you whether client money adds up before the next payout.
PLANSFrom Growth
The problem it solves
- The client bank looks healthy, but part of it is already owed to owners.
- A shortfall is found by the auditor, months after it happened.
- Nobody checks client money because it takes a day of spreadsheets.
How it works
- A Lease Manager opens Lease > Billing > Deposits and Owners > Owners' Money > Client Money Check.
- Pick the Entity and the day (today to start with).
- SmartMy shows the client bank balance on that day, what is owed to owners on that day, and the deposits held.
- The Difference is the bank less what is owed and held. Zero means it adds up.
- A shortfall must be made good; a surplus is usually your fees not yet moved out. Look into either before you pay owners.
Everything it does
What it adds up
- Client Bank Balance: every posted entry on the client money bank's account up to the day
- Owed to Owners: every owner ledger line of the Entity up to the day (rent, less fees, expenses, tax and payouts)
- Deposits Held: every tenant deposit of the Entity marked held now, whatever day you pick
- Difference: bank less owed less deposits
Good to know
- Deposits lodged with a custodial protection scheme are counted as held; take them off by hand
- The check is worked out on screen and not saved; print or note the figures for your records
- It needs the client money bank set in Lease settings; without it the balance shows zero
Who uses it
Lease ManagerRuns the check before payouts and looks into any difference.
AccountsReconciles the client bank in accounting so the balance is right.
Where you use it
- Web: Lease > Billing > Deposits and Owners > Owners' Money > Client Money Check
- Not a saved report or a history of checks
- Not shown to owners
What you control
Settings
- The client money bank and the owner payable account, in Lease > Configuration > Settings
Questions
Why is the difference not zero?
Common reasons: bank lines not yet entered or reconciled, fees still sitting in the client bank, or deposits held with a scheme counted as held. Look at each before you pay out.Can I check a past date?
Yes for the bank and owner balances. Deposits are counted as they are held today.Does it keep a record of each check?
No. It is worked out when you open it. Print the screen or note the figures for your records.Which plan has it?
Growth and above, with owners' money.Related features
OWNERS AND CLIENT MONEYOwner ledgers, statements and payoutsRent you collect for owners goes to an owner payable account, not your income. Each owner's ledger fills by itself with rent, fees and repairs, and each period you send a statement and pay out from the client bank.OWNERS AND CLIENT MONEYOwners with shares, and management agreementsRecord who owns each unit and in what share, over time. A management agreement holds your fee, the letting and renewal fees, the owner's repair limit, the reserve you keep back and how statements go out.CHECKS, DEPOSITS AND REPAIRSDeposits, deductions and settlementThe deposit is held on a liability account, taken in one go or in parts. At move-out, deductions are proposed from the check. The tenant agrees or disputes each line online. Settle Deposit keeps what is agreed and refunds the rest.CHECKS, DEPOSITS AND REPAIRSDeposit protection schemes and their deadlinesWhere the law asks for a deposit to be protected, such as UK schemes and Australian bond authorities, each deposit carries its scheme. It also carries the day to protect it by and the day to send the tenant's information by. The property manager is reminded before each deadline.ACCOUNTINGFull accounting with GST returnsRent bills, deposits, cheques, owner money, vendor bills and the leases you take all land in the books of the same system. Scale adds the full accounting screens and reports, from ledgers to cash flow, and GSTR-1 and GSTR-3B for Indian Entities.
See your buildings on it.
Tell us how many properties and units you have, whether you let your own or manage for owners, and how rent is paid today. We will set up your portfolio with you on SmartMy Lease.