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Day 8: Payables
Terms in this set (16)
Bills can be paid to...
Vendor, tax authorities, or the management company.
What is an owner draw?
Amounts paid to the property owner.
When an owner draw is paid out to the property owner, the property __________________s in capitol.
What is a tenant payable?
A payment made to a tenant - typically a deposit refund or overpayment.
What reports allow you to view payables?
Bill Detail or Aged Payable Detail.
What are vendor credits?
Amounts not owed to the third party on behalf of the property owner.
When would you use a vendor credit?
It's most commonly used when a vendor is overpaid.
There needs to be an open _______________ in order to apply a vendor credit.
There has to be an open bill to the same payee on the same property in order to apply a vendor credit.
What is the available funds calculation?
The Property Balance minus any Un-deposited Receipts, Prepayments, and Reserves (if applicable).
When a bill is paid, the property cash ________________.
What is considered an "other payment?"
It could be a debit card payment or an online transfer.
Where is the available funds calculation set?
In Manage Accounting Settings.
What is Hold Payments?
It's a means of stopping payments via the write checks flow.
Can bills be paid if "Hold Payments" is set?
No - bills can still be entered, but they can't be paid using a check if Hold Payments is set.
How much does each eCheck cost?
$0.50 per check.
The management company can be paid via eCheck. True or false?
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