Transfer to multiple accounts from a suspense account

Transfer to multiple accounts from a suspense account

There may be instances where an amount is received in the banking that applies to more than one finance agreement or account. 

Examples: 
- a borrower or party has more than one finance agreement and makes one payment to pay all
- a finance company has a debt collector who collects money for more than one finance agreement and makes one payment for many accounts

When the banking is done the money can be allocated to a suspense account and from there it can split and transferred to multiple accounts.

There are also instances where an amount appears in the banking that is unknown and is allocated to a suspense account while trying to identify where it should be allocated.
Once identified the amount will need to be moved to the correct account. If the amount is a "Debit" , positive, and should be allocated to a finance agreement. An example of this is a dishonoured transaction that is past the clearance period and thus cannot be dishonoured as it is too late due to funds being transferred to investors on clearance. In this scenario the transfer to multiple accounts option can be used and only the one finance agreement selected.

1. Navigate to the suspense account where the transaction from the banking has been allocated



Select the suspense account from the list of suspense accounts on the page

2. Click on the transaction tab at the bottom of the page and filter for the transaction: 



3. Select the transaction and navigate to the "Transfer to multiple accounts" menu item under "Functions" in the hamburger menu.




4. You will be presented with a page that allows you to select accounts to split the money:


Allocate To: Select the option to allocate to either a finance agreement or another suspense account. There may be instances where you know part of the split but are unsure of the rest. In these cases you can allocate what you know to finance agreements and the remainder to another suspense account in order to allocate later once you have more details.

Filter: Use the filter to locate the finance agreements or the suspense account to allocate money to. You are able to filter for one or more accounts, add to the list, filter for more, add to the list etc. until you have all the accounts you wish to allocate money to.

Amount to Allocate: Enter the amount of money that should be allocated to the specific account.


5. Once you are happy with all the accounts selected to split the money to, click the "save" button. Transactions will be created to reverse the money out of the suspense account and into the new accounts.

A transaction will be created in the suspense account:
  1. If the value in the suspense account is positive, a negative transaction will be created with the transaction type = “PaymentTransferCredit”
  2. If the value in the suspense account is negative, a positive transaction will be created with the transaction type = “PaymentTransferDebit”

A transaction will be created in the account being transferred to
  1. If the account being transferred to is a suspense account, the opposite transaction type i.e. if it is debit a PaymentTransferCredit  will be created and if it is a credit a PaymentTransferDebit will be created .
  2. If the account being transferred to is a finance agreement 
    1. If the transaction is a negative the transaction type will be “payment received” and value will reduce the balance.  Same as if a payment received is generated from the banking. All associated investment etc. transactions must take place as per  a normal payment received.
    2. If the transaction is a positive the transaction type will be “Fee” and value will increase the fee balance. 

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