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.