How to Create and Allocate Unapplied Payment

Efficiently managing budgets for tasks such as maintenance throughout the year is a critical aspect of running a successful business. To help you keep track of budgets and allocate them to relevant bills and expenses, TheHouseMonk provides a comprehensive set of features.

Creating an Unapplied Amount:

To create a budget or what we refer to as an 'Unapplied Amount' in our system, follow these straightforward steps:

1. Navigate to Core > Accounts > Payments > +Create.

2. Select the user who made the payment; the property associated with this user will be automatically tagged.

   - Pro Tip: Ensure that you tag this owner when creating bills and expenses for their units by clicking on Home occupants > Owner.

3. Add details related to the amount paid by the user, the payment method, and the chart of accounts. Move towards the "Allocate Amount" section to view details of previously raised bills and expenses.

4. Attach any relevant documents.

5. Click on 'Save,' and your unapplied payment, or budget, will be successfully created.

Allocating Budget to Bills and Expenses:

Now, whenever you need to allocate this budget to bills and expenses to be paid from it, follow these simple steps:

• Go to Core > Accounts > Payments > Open the relevant unapplied payment.

• Click on the edit icon and scroll down to the 'Allocate Amount' section.

• You will see a list of all the invoices, bills, and expenses associated with this user.

• Select the appropriate option against which you wish to record the payment and verify the amount reflecting in the 'Linked Payment' section.

• Once you are certain, click on 'Save,' and a payment against the unapplied budget will be successfully registered.

By utilizing this feature, you can easily keep track of all transactional records related to a user, ensuring that budgets are efficiently allocated and expenses are managed seamlessly within MTL Products.

To further explore our system's capabilities, we recommend reviewing our 'Payment Reminders' article, which provides valuable insights into optimizing your financial management processes.

If you have any questions or need assistance, please do not hesitate to contact our support team at support@monktechlabs.com