Allocating and Reconciling the Tenant's Initial Payment

This article explains how to upload a bank statement, match the tenant's initial payment (First Month's Rent and Security Deposit) against the corresponding transactions in Loop, and reconcile the accounts.

Prerequisites

• The tenant's First Account (including First Month's Rent and Security Deposit) must have been requested.

• The corresponding funds must have been received in your bank account.

Step 1: Navigate to Banking and Upload Statement

1. Go to the Accounting tab on the left-hand navigation.

2. Locate and click Banking in the top right-hand corner of the dashboard.

3. Click Upload to upload your bank statement file.

4. Select the bank statement that you have downloaded.

Step 2: Review and Confirm Statement Mappings

1. The system will prompt you to review the mappings.

   • Note: The system should remember these settings from previous uploads.

2. Click Confirm mappings.

3. The system will display all transactions from the uploaded statement.

Step 3: Select the Relevant Tenant Transaction

1. Identify the transaction corresponding to the tenant's initial payment (e.g., using the property/tenancy reference like "37 Marketplace").

2. Untick any other payments on the statement that you do not wish to process at this time.

3. Click Submit to process the selected transaction.

   • The transaction will either be automatically matched or come in as Unmatched.

Step 4: Match and Reconcile the Unmatched Transaction

If the transaction is unmatched, it means there is a slight discrepancy or the system requires manual confirmation.

1. Locate and select the unmatched transaction.

2. On the right-hand side, the system will display the Security Transaction (outstanding charges) that you are trying to allocate this payment to.

   • The outstanding charges will typically be:

     • First Month's Rent

     • Security Deposit

3. Select the relevant outstanding payments for the tenancy.

4. Ensure that the total selected outstanding payments add up to the amount of the bank transaction.

   • Once matched correctly, the fields below (such as those allowing you to raise a charge) will disappear.

5. Click Max Transactions to automatically match the transaction amount to the charges.

6. Crucially, verify that the Difference box shows 0 (zero).

7. Click Submit.

This action reconciles the payment, allocating the received funds to the tenant's First Month's Rent and Security Deposit for the property.

Need Further Assistance?

If you have any questions, please reach out to the support team:

support@loop.software