From time to time a deposit or payment may appear on your bank statement which belongs to the Rental Trust. In order to reconcile, you will be required to enter the value as a Deposit Adjustment followed by a Payment Adjustment.
Once you have determined the origin of the deposit, the amount should be cleared from the ledger.
In the below example, $7000.00 was entered as an unknown deposit as it appeared in the sales trust account.
It was then determined that this amount belonged to the rental trust. In order to transfer the funds back to the rental trust, a Payment Adjustment must be created.
From the bank reconciliation page, create the payment
Prior to saving, ensure the debit amount of $7000.00 is offset against the original credit
Offset the debit against the original credit
The two amounts are offset against each other
The payment will appear on todays bank reconciliation as the funds will be transferred from the sales trust to the rental trust.
Please note, adjustments cannot be uploaded as an ABA file. The transaction will be processed manually via internet banking.
Both adjustment amounts will be removed from the End of Month Reports.
The End of Month reports should only display those adjustments that require action
