Generating Landlord Statements and Paying Out Funds (1st Account)

This article outlines the steps required to set up payment for the landlord and generate their statement after successfully reconciling the tenant's first account payment.

Prerequisites

• The tenant's initial payment (First Account) must have been reconciled and the funds allocated.

• The tenancy accounting balance should show zero and the funds should show as money payable to the landlord.

Understanding Loop Accounting Structure

It is critical to remember the accounting hierarchy in Loop:

• Tenancy Level: Accounting actions related to the tenant (e.g., rent collection, deposits) are handled here.

• Property Level: Accounting actions related to the landlord (e.g., payment, fees, statement generation) are handled here.

Step 1: Access the Property Accounting Tab

1. From the current tenancy screen, go to the top right-hand corner.

2. Click on the button to open the Property File.

3. Navigate to the Accounting tab within the property file.

Important Note on Upfront Fees: If there are any one-off upfront lettings fees, you will need to manually ensure these are accounted for and deducted before the final statement is generated and the payment is processed.

This is done by selecting Actions, then Raise New Charge and adding in your Letting Fee's.

Step 2: Generate the Landlord Statement

1. Within the Property Accounting tab, locate the option to Generate Statements for this landlord.

2. When you initiate the statement generation:

   • The system will automatically pull through and deduct the recurring Management Fee.