Feature Enhancements

Owner & tenant statement description updates (descriptors)

Many of you have advised your customers find the current bank descriptors and references we use on their bank accounts and statements unclear. We’ve heard you and new descriptors or references will be used immediately.

What will the new descriptions look like? In the below example we are using agency named Perfect Property Group with ID of PPG. Your agency will have its own specific ID. If you are unsure, your manager will be able to help out.

Debits: such as Direct Debit of rent or invoice from tenant bank, or if an owner asks for an invoice to be direct debited from their account

Type

Description on the bank statement

Rent

PPG Rent 180122

Invoice

PPG INV#123145

Adjustment

PPG Water Usage

Credits: such as owner payment of rent received

Type

Description on the bank statement

Rent paid to owner

PPG 1/10 Smith St

Adjustment paid to owner, tenant, supplier

PPG Water Usage

Invoice paid to owner, tenant, supplier

PPG INV#123145

Important details

  • There is a maximum number of 18 characters that can be displayed. Where possible we will use the full property address. This will also apply to the adjustments and displaying the full adjustment sub category where possible.

  • These changes will not affect the descriptions/ references for trust account transactions. They will still display with the unique ASM code.

  • Transactions from 4th Feb will appear as above. The change will not update any historical transactions.

  • Adjustments will show the sub category that has been selected when the adjustment was set up and processed.

  • For any funds going into the trust account, the current descriptor will be used to help identify the payments. No changes there.

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