Petty Cash Payments in FalconPro Real Estate Software: Complete Guide

Petty Cash Payments in FalconPro Real Estate Software: Complete Guide

Introduction

The petty cash feature in FalconPro Real Estate Software is designed for efficient management of small, direct expenses related to properties, units, suppliers, or maintenance. It enables property managers and accountants to record cash outflows, assign cost centers, and track all expenditures accurately—creating a clear, auditable trail for every transaction.

Step-by-Step: Making a Petty Cash Payment

1. Accessing Petty Cash Payment

  • Navigate to the Accounts section.

  • Open Payment Vouchers.

  • Choose the petty cash account (e.g., “BT Cash”) from your available cash accounts.

  • The default petty cash account can be set up and changed as needed, depending on which user or department is handling the cash.

2. Entering Payment Details

  • Specify who receives the payment (e.g., supplier, laborer, or named individual).

  • Enter a description of the payment, such as “maintenance work,” “supplier payment,” or specify the nature of the expense.

  • Use the Add button to select:

    • Unit or Building: Assign the payment to a specific unit or a full building for future reporting.

    • Contract: If the payment relates to a specific contract, link it here.

  • Input the amount for each line item.

  • Choose the correct expense account for the building or property (e.g., maintenance expenses, tiles, etc.).

3. Allocating Payments

  • You can split a single petty cash payment across multiple units or buildings by adding additional line items, each with:

    • Different units or buildings,

    • Different amounts,

    • Different contracts if needed.

  • Payments can be allocated directly against supplier names for tracking total spend per supplier.

4. Approval and Posting

  • Once all details are filled:

    • Save the voucher. At this stage, it is editable.

    • If you have approval rights, approve the voucher to finalize posting—it will then affect the accounts.

    • If not yet approved, provide a printout for review. Only approved vouchers affect the financial ledger.

  • After approval, vouchers cannot be edited; changes must be made before approval.

5. Reviewing and Reporting

  • Approved payments can be reviewed and audited at any time.

  • Reports can be generated by building, unit, supplier, or cash account for full transparency.

Advanced Features & Flexibility

  • Multi-User Petty Cash: Set up multiple petty cash accounts (e.g., one for each branch or user), with the ability to switch between accounts during payment entry.

  • Batch Payments: Process multiple petty cash expenses at once, dividing totals by units, contracts, or specific suppliers.

  • Account Linking: Double-click to select the relevant expense, building, or supplier account from the financial chart—ensuring every payment is tracked accurately.

  • Payment Remarks: Use the remarks field for detailed notes, improving future traceability and audit readiness.

Example Workflow

Payee Description Unit/Building Amount Expense Account Contract
Ahmed Maintenance Work A8 500 Tiles Expense Contract X
Supplier X Supplies A2 500 Tiles Expense –
Laborer Cleaning B2 600 Labor Expense Contract Y

Each line is a separate allocation that will be included in a single petty cash payment voucher.

Best Practices

  • Always specify the cost center (unit/building) for expenses to enable detailed financial tracking.

  • Approve vouchers only when all details are confirmed; only approved vouchers impact accounts.

  • For cash management security, designate default petty cash users and restrict account switching as per company policy.

  • Use reporting tools to monitor petty cash balances and expenditures by category, payee, and property.

Frequently Asked Questions (FAQ)

Q1: How do I change the petty cash account?
Double-click the cash account field when entering the payment voucher, and select the desired petty cash account.

Q2: Can I allocate one petty cash payment to multiple units?
Yes, add separate line items for each unit or building, each with its amount and account allocation.

Q3: How does approval affect petty cash vouchers?
Only approved vouchers are posted to the financial accounts; unapproved vouchers can be edited or deleted.

Q4: Can I track total payments to a supplier?
Yes, assign each payment to a supplier name for easy future reporting and supplier statement generation.

Q5: What if a payment affects multiple contracts or suppliers?
Add each as a separate line within the same voucher to split the expense accurately.

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