Frequently Asked Question

Withhold Funds (Retain) before closing a Managed Company's period (MCPE)
Last Updated 9 months ago

There are occasions when you do not want to pay out a landlord in full.

To retain an amount £x, you need to do the following
  1. Enter an expense into the current period for the sum £x
  2. Enter an identical expense but for the sum of -£x into the following period
  3. Do a manual reconciliation between the two
For Supplier you can either use the Managing Agent or create a special Supplier (such as Retained Funds) if you do this often, and the Analysis Code should be Sundries or again you can create a special code for this purpose.

You should describe what you are doing using the Note field on the Expense.

The effect of the above will be a reduction in the pay out for the sum of £x in the current period, with a corresponding credit into the next period.

If you need to retain the funds for more than the current period then just select a later period at step 2 above.

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