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A tenant paid our trust, what do we do with the funds?
A tenant paid our trust, what do we do with the funds?

Tenants sometimes forget to update their payment details. You can forward those funds into their Managed App wallet.

Bairave Jeyasothy avatar
Written by Bairave Jeyasothy
Updated over a week ago

The easiest way to manage funds in your trust is to simply forward them into the tenant's new Managed App wallet.

Step 1

Do not reconcile! Reconciling in your old trust means you'll have to make changes in Managed App, disburse in your old system and create 2 statements for your owner.

Instead, locate the tenant's unique BSB and Account number in Managed App by clicking their profile

Step 2

From your internet banking, transfer the amount the tenant paid from your trust to their wallet. The funds will appear in their profile shortly and can be used to pay rent in Managed App.

Step 3

Email the tenant advising they paid the incorrect account and that you have forwarded the funds to the correct account.

You can also take this opportunity to remind them what their new payment details are.

Agencies often charge their tenant an admin fee for any subsequent payments to the trust account.

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