Utilizing Cash Collection, Bank Deposits, and Petty Cash Management in FalconPro Real Estate Software

Utilizing Cash Collection, Bank Deposits, and Petty Cash Management in FalconPro Real Estate Software

Introduction

Managing cash collections, bank deposits, and petty cash efficiently is crucial for accurate financial tracking in real estate operations. FalconPro Real Estate Software provides a streamlined approach to:
✅ Track cash collections from tenants and property transactions.
✅ Deposit collected cash into a bank account.
✅ Use collected funds for petty cash expenses or landlord payments.

This guide explains how to record, deposit, and utilize collected funds effectively.

1. Recording Cash Collection in FalconPro

Cash collections refer to money received from tenants, landlords, or other sources that is temporarily stored before being deposited in a bank or used for expenses.

Steps to Record Cash Collection:

  1. Go to “Accounting” → “Receipts”.
  2. Click “New Receipt”.
  3. Select “Cash” as the Payment Method.
  4. Enter the Payment Details:
    • Customer Name (if applicable).
    • Transaction Description (e.g., “Rent Collection for Apartment A-102”).
    • Amount Collected.
  5. Save the Transaction.
    ✅ Now, the cash collection is recorded and can be tracked in FalconPro.

2. Depositing Collected Cash into a Bank Account

Once cash is collected, businesses may choose to deposit it into a bank account instead of using it for petty cash.

Steps to Deposit Cash into a Bank in FalconPro:

  1. Go to “Accounting” → “Bank Deposits”.
  2. Click “New Deposit”.
  3. Select the Cash Account from Which Money is Deposited.
  4. Choose the Bank Account to Deposit Into.
  5. Enter Deposit Amount (e.g., AED 50,000).
  6. Provide Bank Reference or Transaction Details.
  7. Click “Save”.
    ✅ Now, the collected cash is reflected in the bank account.

3. Using Collected Cash as Petty Cash or for Landlord Payments

Instead of depositing the collected cash in the bank, FalconPro allows businesses to use it for petty cash expenses or direct payments to landlords.

Option 1: Allocating Cash to Petty Cash

Petty cash is used for small office expenses, maintenance, and minor transactions.

Steps to Transfer Collected Cash to Petty Cash:

  1. Go to “Accounting” → “Petty Cash Transactions”.
  2. Click “New Petty Cash Allocation”.
  3. Select Cash Account (from which money is allocated).
  4. Enter the Amount Transferred to Petty Cash.
  5. Click “Save”.
    ✅ Now, cash is available for petty cash expenses.

Option 2: Using Collected Cash for Landlord Payments

If a landlord requests cash instead of a bank transfer, FalconPro allows users to allocate collected funds to the landlord’s account.

Steps to Process Landlord Payment from Cash Collection:

  1. Go to “Accounting” → “Landlord Payments”.
  2. Click “New Payment”.
  3. Select the Landlord Name.
  4. Choose “Cash Collection” as the Payment Source.
  5. Enter Payment Amount and Description.
  6. Click “Save”.
    ✅ Now, the collected cash is allocated to the landlord’s account.

4. Generating Reports for Cash Collection and Deposits

FalconPro provides detailed reports to track:
✅ Total cash collected per day/week/month.
✅ Pending bank deposits.
✅ Cash utilized for petty expenses or landlord payments.

Steps to Generate Cash Collection Reports:

  1. Go to “Reports” → “Cash Collection Reports”.
  2. Select the Date Range.
  3. Filter by Property, Tenant, or Payment Source.
  4. Click “Retrieve” to View Data.
  5. Export the Report to Excel or PDF.
    ✅ Now, businesses can monitor their cash flow accurately.

5. Best Practices for Cash Collection and Deposits in FalconPro

✅ Regularly deposit collected cash to maintain accurate financial records.
✅ Use separate accounts for bank deposits and petty cash transactions.
✅ Track all landlord payments to avoid disputes.
✅ Use FalconPro’s reports to monitor cash flow and pending deposits.
✅ Reconcile cash balances frequently to prevent errors.

Conclusion

FalconPro Real Estate Software provides efficient tools for managing cash collections, bank deposits, and petty cash expenses. By following these steps, businesses can:
✅ Ensure accurate tracking of received cash.
✅ Easily deposit funds into bank accounts.
✅ Allocate collected cash for operational expenses or landlord payments.

FAQs

  1. Can I deposit part of the collected cash and use the rest for expenses?
    Yes, FalconPro allows partial bank deposits while keeping the rest for petty cash or landlord payments.
  2. How do I verify if a cash collection has been deposited?
    Go to Bank Deposit Reports and check the status of each deposit transaction.
  3. Can I cancel a cash collection entry?
    No, but you can issue an adjusting entry if a mistake was made.
  4. What happens if a tenant overpays in cash?
    The extra amount can be credited to the tenant’s account for future payments or refunded.
  5. Can FalconPro generate monthly cash flow reports?
    Yes, FalconPro provides detailed cash flow reports to track income and expenses.

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