Under the terms of a PRS management service, all remittance values owed to a private landlord can be collated through the creation of an Outbound Payment Batch, ready for submission to the incumbent third-party finance system. Individual payment transactions can be added to the batch, as they arise, and then processed together at a convenient frequency e.g. at the end of each month. When managing the compilation of outbound payments due within a specific period, a batch can be created in line with the following options:
- Using a series of system-generated events, all constituent phases of the batch process can be steered automatically. Underpinned by the system preferences Allow automatic generation of outbound payment batch and Use account based bank account details for outbound payment batch, the header information and batch detail will be compiled without further intervention, taking the surplus balance from each account (the portion above the specified reserve limit) and raising a batch payment entry; the corresponding payee bank details will be obtained dynamically from those ascribed to each PRS account.
- Alternatively, the end user can create the initial header record manually - specifying the matching Account Type classifications and the Outbound Payment Type (i.e. Landlord or Third Party) - and then, steered by the system preference Allow automatic generation of outbound payment batch, the corresponding payment detail lines will be collated automatically. This approach supports those scenarios where the payee bank details need to be entered on-the-fly, therefore dictating that a separate batch record be created for each consolidated payment.
- Otherwise, deactivating the system preference Allow automatic generation of outbound payment batch will allow both the header record and detail lines pertinent to the outbound payment batch to be controlled manually.
When calculating each outbound payment value, the amount to be deducted for those repair costs incurred during the same period will be dependent upon the multi-select system preference Repair status for deduction from landlord payments i.e. only those works order components matching the selected status progression parameters will be considered.
Separate help articles have been created for each key aspect of PRS outbound payment batches, including:
