Collect your outstanding accounts receivable transactions with Process Deposits.
This includes both landlord-initiated and tenant-initiated deposit options, offering flexibility for different scenarios.
1. Make sure that your residents are set up with Autopay (Setting up Your Residents with Autopay | Propra Tech Help Center)
Alternatively, residents can make one-time deposits through their tenant portal, offering an additional method for payment.
2. From the Receivables page, select the invoices that you wish to collect.
Please note that rent cannot be pulled in advance unless the rent or invoice has been posted in the system.
3. Click Process Deposit in the top right corner
Ensure you select 'Process Deposit' and not 'Post Deposit' to complete this action correctly. Processing is actually moving funds from one bank to another.
4. Enter a posting date.
5. Select the account the funds are being deposited to.
6. Select the payment method for the funds you are depositing (EFT)
7. Add or edit the reference number and description if needed
8. The amount defaults to the outstanding amount, review, and make any necessary changes. If what you are collecting is less than the total the system will update puling the amount you are requesting and the remaining amount will remain in the Receivables page
9. Click Submit for Approval to record the deposits
The collection needs to be approved.
Approving Deposits
Deposits will need to be approved by a Books Admin or Books Advanced user prior to being released for collection.
Go to Accounting, Approvals
Click on the Deposits tab
Click on the submitted Deposit batch to view the details
Click Approve Deposit Batch to send the deposits for collection. The batch can also be declined if changes need to be made.
When the invoices are sent for collection, an accounting entry will be created to show the funds are in transit. These transactions can be found in the Undeposited Funds general ledger account and will show as paid on the Receivable table.
Returned Payments
Any transactions that are returned as NSF or invalid by the payee's bank will reverse the deposit to undeposited funds and create an NSF charge for that payee.
The invoice will then show as outstanding on the Receivable table again as well as the NSF invoice.
Collection deposits
Remaining funds will be deposited to the linked bank account for that property's account reconciliation bank group within 5 business days. The accounting entries to move the remaining funds from Undeposited Funds to Operating Bank will be made to match the final deposit date on your bank statement.
Fees and Statements
Once all the funds have settled and been deposited to the property's bank group a statement will be available to download in Autopay, Statements.
Fees will be calculated overnight and charged to the bank account chosen the next business day.