How do multiple bank accounts work?

In CFPwinMan SDB software, we have improved how banks are handled, in order to make using multiple bank accounts more intuitive.

In standard CFPwinMan SDB, there is one Global Account with the option to add as many Restricted Accounts as the user requires. These Restricted Accounts replace the additional bank accounts that existed in CFPwinMan ADB, and the ability to transfer in or out ONLY deposit held and overseas tax monies is available, where previously it could be paid out and received directly in to additional bank accounts. 

A more in-depth explanation of the different account options is detailed below.

This article includes: 

• Global Account
• Restricted Access Account
• Unrestricted Account

Global Account

Your client account from CFPwinMan ADB will become your Global Account in SDB.

• It will be linked to all Landlords and Properties and will appear in the Property Accounts grid on the Landlord screen by default, and cannot be removed whilst it is set as the Global Account
• Monies of any kind can be posted, transferred and paid out of Global Accounts
• Your Global Account will be an Unrestricted account

Restricted Access Account

Any additional bank accounts in CFPwinMan ADB will become Restricted Accounts in CFPwinMan SDB.

• In addition to the Global Account, an unlimited amount of Restricted Accounts can be added
• These accounts cannot be associated with any Landlord or Property records
• Monies cannot be directly receipted into, refunded or paid out from them
• Only deposit or overseas tax monies can be transferred into or out of Restricted Accounts
• Due to this limitation, Restricted Accounts cannot be set as Global Accounts

Unrestricted Account

Further Unrestricted bank accounts can be purchased for use in CFPwinMan SDB.

• The ability to receipt, refund or pay monies of any kind into or out of these accounts is provided
• Landlords and Properties have the ability to be linked to Unrestricted Accounts

For more information on How do I assign bank accounts to Landlords and Properties, click here