How do I transfer money from a reserve account in the Service charge module?

Zenya Allen
Zenya Allen
  • Updated

If you are holding money in the Reserve Funds Account, part or all of these funds can be moved to another account such as the Management Company.

This article includes: 

Reduce the amount in the Reserve Funds Account

  1. Double click Properties from the side menu
  2. Click Search for Head Properties Only
    1. Search for the relevant Property using Search Text by Name, Code or Status
    2. Alternatively, find the Property using Additional Options from the dropdown menu
    3. Or select a Branch if multi-branch is set up on your CFPwinMan
  3. Click on the Property
  4. Click the Spanner icon on the toolbar, Service Charge Administration
    1. Alternatively, click on the Unit Management tab
    2. Click Service Charge Administration
  5. The Service Charge Administration will display. Click on the pound sign graph icon, Manage Reserve Funds  
  6. The Reserve Funds will display. Click on the pound sign graph icon, Set Opening Balance
  7. The Enter Reserve Fund Ope... will display
    1. Please select a bank account - Select the bank account from which the funds are being reduced
    2. Opening Balance Date - Select the correct entry date from the calendar
    3. Opening Balance Amount - Enter a negative of the whole or part amount which you want to reduce the reserve account by
    4. Click Post to confirm or Cancel to exit 
    5. Balance posted successfully will display, click OK

In this example, we are moving the full amount out of the Reserve Funds Account.


Credit the Management Company

  1. Double click Management Company on the side menu
  2. Search for the relevant Management Company using Search Text by Name, Code or Status
    1. Select a Branch if multi-branch is set up on your CFPwinMan
  3. Select the Management Company that you want to add the balance of funds to
  4. Click on Invoice. A new invoice item will display
    1. Date - Select today's date or a past date for which the balance is to be added
    2. Item - Select Service Charge
    3. Description - Type Monies from Reserves
    4. Amount - Enter a positive amount, the same amount you transferred out of reserves
    5. Click Update and OK
    6. Click Close
  5. Click Receipt
    1. Receipt Date - Select today's date or a past date for which the balance is to be added
    2. Type - Select Internet from the dropdown menu
    3. Bank Account - Select the correct bank account to which you are transferring the funds to
    4. Amount Received - Enter the amount. If this is negative, you can place a minus in front of the figure
    5. Click Update and OK
    6. Click Close

You can now check the Payment screen to make sure it has been entered correctly and in to the correct bank account.

The balance of the Management Company will be available to reconcile.
For more information on Bank Reconciliation, click here