Creating and Exporting Payout Files for Payments

This article explains how to use the Loop accounting dashboard to select and consolidate various payments (to landlords, agencies, and deposits) into a single exportable file ready for upload to your bank, facilitating bulk payouts.

Prerequisites

• Payments have been received and reconciled.

• Landlord Statements have been generated.

Step 1: Access Payments to Make

1. Navigate to your Accounting Dashboard.

2. On the right-hand side, you will see a list of payments that are ready to be paid out.

3. Click on Payments to Make.

Step 2: Add Payments to the Payout Batch

You can consolidate different types of payments into a single payout file:

1. Select Landlords:

   • View the list of landlords awaiting payment.

   • Select individual landlords or choose all.

   • Click Add to my payout. The system will calculate the total.

2. Select Agency Payments:

   • View the list of agency payments (fees).

   • Select the payments you wish to make.

   • Click Add to my payouts.

   • The system will prompt you to select the appropriate agency account to pay the funds out to.

3. Select Deposits:

   • View any deposit-related payments awaiting action.

   • Select the required deposit payments.

   • Click Add to my payouts.

Step 3: Complete and Export the Payout

Once all required payments are added, they will be listed under Pending Payouts.

1. Click Complete and Export.

2. Choose the File Format: Select the specific file format that your bank accepts for batch uploads (a list of available formats will be provided).

3. Set the Payment Date: Enter the date you want the payment to be physically made by the bank.

Quick Tip (Payment Speed):

• Setting the date for today will often result in a faster payment method (e.g., CHAPS or Faster Payment) based on your bank's default settings.

• Setting the date for tomorrow (or later) will typically result in a standard BACS payment. Choose the date that aligns with your required payment speed.

4. Click Complete and Export.

Step 4: Download and Upload to Bank

1. The system has now created the payout file within Loop.

2. You can Download your file from Loop.

3. Proceed to your online banking platform and upload this file to execute the payments.

Reviewing Completed Payouts

• A list of all your Completed Payouts will be visible on the right-hand side of the Accounting Dashboard for audit and reference.

Need Further Assistance?

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

support@loop.software