What's the purpose of 'Pending Transactions?'
The purpose of 'pending transactions' is to ensure that the property manager is only spending funds that the owner has available in their bank account. When paying a bill or any type of expense on behalf of the owner, the system will check if the owner has sufficient funds to cover the cost. If the owner has insufficient funds, the transaction will be declined and automatically converted to a pending transaction to be put on hold until there are enough funds in the Owner Account to cover the cost.
Once sufficient funds are available, 'pending transactions' will automatically select the transactions that are ready to be processed, again, only if enough funds are available.
To see the pending transactions, go to:
- Trust Accounting
- Pending Transactions
Pending Transactions Window
The pending transaction window displays all transactions that have been processed to the owner's account for all units, where the owner did not have sufficient funds, and therefore, were triggered into pending transactions.
For example, if a work order was processed to the owner's account, but the owner had a negative balance, the work order will trigger into this screen.
The window shows the statement date, the vendor/contact assigned, the description and owner transaction type, the owner's ending balance, and the transaction amount:
The property manager cannot process a pending transaction until the owner has a positive balance. If not, the following message will occur:
Once the owner has sufficient funds, the system will automatically select the transactions ready to be processed. Use the checkbox to choose which transactions to process and then click "Process."
The transactions will process to the owner's account and can be viewed by going to 'Owner Accounts.'