If you have taken over a Service charge account from another company, the balance of the Management Company bank account will need to be added as an Opening Balance in CFPwinMan so it balances with the bank account.
This article includes:
Add a credit to a Leaseholder
If part of the balance in the account is advance payments from the Leaseholders, these balances will need to be added as unallocated money on each of the Leaseholder records.
Once added, these will make up the Opening Balance of the Management Company's bank account. They can then be receipted against the schedule, once created.
For more information on How do I receipt money I have received, click here
Unknown balance of money
If there is a balance of money in the Management Company bank account that does not belong to a Leaseholder and is not sinking fund money, it can be added directly into the Management Company account.
- Double click Management Company on the side menu
- Search for the relevant Management Company using Search Text by Name, Code or Status
- Alternatively, find the Management Company using Additional Options from the dropdown menu, or
- Select a Branch if multi branch is set up on your CFPwinMan
- Select the Management Company to which you want to add the balance of funds
- Click on Invoice. A new invoice item will display
- Date - Select todays date or a past date for which the balance is to be added
- Item - Select Miscellaneous
- Description - Type Opening Balance
- Amount - Enter the amount. If this is a negative, you can place a minus in front of the figure
- Click Update and OK
- Click Close
- Click Receipt
- Receipt Date - Select todays date or a past date for which the balance is to be added
- Type - Select Internet from the dropdown menu
- Amount Received - Enter the amount. If this is a negative, you can place a minus in front of the figure
- Click Update and OK
- Click Close
The balance of the Management Company will be available to reconcile.
For more information on Bank Reconciliation, click here