Some agents may want to set-up a landlord float to pay for expenses, instead of deducting the expense from rental income due to the landlord. This is especially true when there is no active letting for the landlord, and therefore no rental income from which to deduct.
To set-up a float for a landlord:
- Click on the “Float” side-menu item for the landlord
- Click the “Set-up Float” button
- Enter the payment into the float, plus any additional information about the payment (for example, into which bank account the payment was made).
- The float can be topped-up at any stage by clicking the “Top-up Float” button against the float.
By default, if the landlord has a float, the system will attempt to pay for the expense from the float rather than as a deduction from the rental income due to the landlord. The expense will be marked as paid (from the float) when the landlord’s next statement is generated.
If you do not want an expense to be taken from the float, tick the “Do Not Use Float” checkbox against the expense.
Finally, if you have agreed to fund the float via a deduction from the next landlord statement, you simply need to add a property expense for the agreed amount, then enter this as a payment into the float prior to generating the statement.