Rents payment batch management overview
The process of inputting standard rent payments onto the system - cheque, cash, PayPal, etc. - and matching them to the correct account is achieved through the creation of a payment batch. Individual payment transactions can be added to the batch, as they are received, and then processed together at a convenient frequency e.g. at the end of each month. For each newly created batch, the end user is required to enter a payment date, payment type and unique payment reference, as well as to nominate a suspense account - a transaction 'holding area' used in the instance where payment identification is unclear, pending further analysis. A separate suspense account can be created for each unique batch, as required. For each payment received, a new entry is added to the batch, containing the supplied paying reference (unique to the account holder) and payment value. Using these payment credentials, system matching rules are then applied automatically to conduct a search for the correct account, specifically to:
Where multiple potential matches are returned, the end user is asked to affirm the correct account. Alternatively, an end user can conduct a manual search of the intended account using the payment or account reference. Once all desired payment transactions have been matched, the end user has the opportunity to analyse the likely outcome before choosing to post the batched items live into the accounts, thus providing added control over data integrity. System security policies ensure that end users are only permitted to post individual transactions above a specified value where the necessary authorisation permissions have been granted. Transactions that are posted to a suspense account can be transferred individually once further information is known about the intended account destination.
Separate help articles have been created for each key aspect of rents payment batch management, including: