How to Adjust a Receipt from Another Contract in FalconPro Real Estate Software

How to Adjust a Receipt from Another Contract in FalconPro Real Estate Software

Introduction

In FalconPro Real Estate Software, users may need to move payments between contracts when a tenant has multiple contracts and wants to transfer part of a payment from one contract to another. This is done using the Adjusting Receipt feature, which allows payments to be shifted without requiring refunds or manual adjustments.

This guide explains how to:

  • ✅ Adjust payments from one contract to another using an adjusting receipt.
  • ✅ Ensure correct accounting entries for cost centers and contract tracking.
  • ✅ Process remaining payments through cash, cheque, or other methods.

What is an Adjusting Receipt?

An Adjusting Receipt is a payment type used when a tenant wants to move an amount from one contract to another. Instead of handling this manually through journal entries, FalconPro allows users to:

  • Select an “Adjusting” payment type when creating a receipt.
  • Deduct the amount from one contract and allocate it to another.
  • Ensure that the correct cost centers and contract numbers are assigned automatically.

Creating an Adjusting Receipt in FalconPro

When a tenant requests to transfer an amount from one contract to another, follow these steps:

Steps to Create an Adjusting Receipt:

  1. Go to “Accounting” → “Receipt Vouchers”.
  2. Click “New” to Create a New Receipt.
  3. Select the Payment Type as “Adjusting”.
  4. Choose the Contract to Adjust the Payment To:
    • Click “Adjusting To” and select the new contract where the payment should be applied.
    • Double-click to confirm.
  5. Choose the Contract to Adjust the Payment From:
    • Move to the right side and click “Adjust From Contract”.
    • Select the old contract from where the amount will be deducted.
    • Confirm the contract details and unit information.
  6. Enter the Adjusted Amount:
    • Example: 5,000 AED transferred from Contract A to Contract B.
  7. Enter Any Remarks:
    • Example: “Contract renewal adjustment: 5,000 AED transferred.”
  8. Check the Transaction Date and Details.
  9. Click “Save” to Complete the Adjusting Receipt.

✅ Now, the amount has been successfully transferred between contracts.

Verifying the Adjustment in the General Voucher (GV)

After saving the adjusting receipt, FalconPro automatically creates a General Voucher (GV) to reflect the adjustment in the accounts.

Steps to Check the Adjusting Receipt in the GV:

  1. Go to “Accounting” → “General Ledger”.
  2. Search for the GV Related to the Adjusting Receipt.
  3. Verify the Accounts Affected:
    • The debit and credit entries should reflect the correct cost centers for each contract.
    • The original contract will have an amount deducted.
    • The new contract will show an incoming payment.

✅ This ensures the accounting records correctly reflect the payment transfer.

Processing Additional Payments for the Contract

Once the adjusting receipt is applied, the tenant may still have additional payments to make. These payments can be processed using:

  • ✅ Cash
  • ✅ Cheque
  • ✅ Bank Transfer
  • ✅ Another Adjusting Receipt (if needed)

Steps to Process Additional Payments:

  1. Go to the Leasing Contract Module.
  2. Click “Receipt” to Create a New Payment.
  3. Check the Pending Installments:
    • Example: 10,000 AED remaining after a 5,000 AED adjustment.
  4. Select a Payment Method:
    • Cash: Enter the amount and save.
    • Cheque: Enter cheque details before saving.
    • Bank Transfer: Record transaction details.
  5. If Discount is Applicable, Apply the Discount Before Saving.

✅ Now, the contract’s outstanding balance is updated, reflecting the adjusted receipt and the new payment.

Best Practices for Using Adjusting Receipts in FalconPro

  • ✅ Always verify contract details before making adjustments.
  • ✅ Use the Adjusting Receipt only for valid transfers between contracts.
  • ✅ Ensure that cost centers and accounts are correctly updated in the General Voucher.
  • ✅ Process remaining balances separately after adjustments.
  • ✅ Check for applicable discounts before finalizing payments.

Conclusion

FalconPro Real Estate Software provides a structured and efficient way to transfer payments between contracts using Adjusting Receipts. This feature ensures accurate financial records while eliminating the need for manual adjustments. By following these steps, businesses can:

  • ✅ Easily manage tenant payment adjustments.
  • ✅ Maintain accurate accounting records without manual interventions.
  • ✅ Ensure smooth contract management and financial transparency.

FAQs

  1. When should I use an adjusting receipt?
    • Use an Adjusting Receipt when a tenant wants to transfer a payment from one contract to another instead of paying separately.
  2. Will the adjusting receipt affect the General Ledger?
    • Yes, FalconPro automatically creates a General Voucher (GV) to adjust the accounts for both contracts.
  3. Can I adjust multiple payments at once?
    • Yes, multiple transactions can be adjusted in a single receipt, provided they are from the same customer.
  4. What happens if I enter the wrong amount in an adjusting receipt?
    • Adjustments can be reversed or corrected by creating another adjusting receipt or modifying the General Voucher.
  5. Can I apply a discount when processing the remaining balance?
    • Yes, FalconPro allows users to apply a discount before finalizing the payment.

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