TRAINING MANUAL: BENEFICIARIES · TRAINING MANUAL: BENEFICIARIES Figure 1: View all beneficiaries...

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1 WWW.PAYPROP.CO.ZA UPDATED OCTOBER 2016 TRAINING MANUAL: BENEFICIARIES All information and reports concerning beneficiaries can be found by clicking on the ‘Beneficiaries’ tab in your black toolbar along the top of your page. Beneficiaries are all entities that can receive money and include owners, municipalities, body corporates, contractors and even tenants when they receive their damage deposits back at the end of a lease. TRAINING MANUAL: BENEFICIARIES Figure 1: View all beneficiaries [email protected] 087 820 7368 When selecting ‘View all beneficiaries’ from the drop-down menu, PayProp will display all the beneficiaries captured on your portfolio and to which property they are linked.

Transcript of TRAINING MANUAL: BENEFICIARIES · TRAINING MANUAL: BENEFICIARIES Figure 1: View all beneficiaries...

Page 1: TRAINING MANUAL: BENEFICIARIES · TRAINING MANUAL: BENEFICIARIES Figure 1: View all beneficiaries support@payprop.co.za 087 820 7368 When selecting ‘View all beneficiaries’ from

1 WWW.PAYPROP.CO.ZA UPDATED OCTOBER 2016TRAINING MANUAL: BENEFICIARIES

All information and reports concerning beneficiaries can be found by clicking on the ‘Beneficiaries’ tab in your black toolbar along the top of your page. Beneficiaries are all entities that can receive money and include owners, municipalities, body corporates, contractors and even tenants when they receive their damage deposits back at the end of a lease.

TRAINING MANUAL:

BENEFICIARIES

Figure 1: View all beneficiaries

[email protected] 087 820 7368

When selecting ‘View all beneficiaries’ from the drop-down menu, PayProp will display all the beneficiaries captured on your portfolio and to which property they are linked.

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The ‘Create beneficiary’ page explained in detail. Please note the ‘Sections’ drop-down button at the top on the right hand side of the page. Use this button to easily move between the three fields on this page.

Figure 2a: Create beneficiary

1. CREATE BENEFICIARY To create a new beneficiary, click on ‘Create beneficiary’ from the drop-down menu, or on the ‘Create beneficiary’ button on the Beneficiaries page.

First name The name of the beneficiary

Last name The surname/last name of the beneficiary

Business name If the beneficiary is a business, you can capture the name of the business here e.g. Peters’ Plumbing, Sunny Cleaning Services, Anne’s Family Trust.

ID/Company reg. no. This is a compulsory field. If you are capturing a natural person, capture their ID number. If you are capturing a legal entity (company/close corporation), you need to capture the entity’s registration number. The owners will use this number to gain access to their online statements.

VAT number If the beneficiary is VAT-registered, capture their VAT number here.

E-mail address Capture the beneficiary’s e-mail address. If a beneficiary has enabled e-mail notifications, e-mail will be sent to this address.

Mobile number Capture beneficiary’s mobile number here. Please note how mobile numbers are captured. If a beneficiary has enabled e-mail notifications, e-mails will be sent to this address.

Phone number Capture the beneficiary’s home number or business landline number here.

Fax number Capture the beneficiary’s fax number here.

Notes An open field where you can capture any further information about your beneficiary.

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Figure 2b: Create beneficiary

Address The physical address of the beneficiary. Depending on the type of beneficiary you are creating, this could be a business or residential address. Capture the address correctly in each field. The address will appear on the owner’s statement.

Bank account A beneficiary can only be created if the bank details are captured.

Account name The name of the bank account

Bank name The name of the bank where the beneficiary has the account

Branch code The beneficiary will supply you with a branch code. A branch code usually has six digits. We have provided a drop-down list of the most common branch codes.

Branch name The branch where the account was opened. You may capture this if the information was supplied by the beneficiary.

Account number The account number at the bank

Account type The type of account. It is important to choose the correct type of account to ensure the payment to the beneficiary is successful.

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2. BENEFICIARIES WITH A BALANCE When you click on the ‘Beneficiaries with a balance’ report from the ‘Beneficiaries’ drop-down menu, you will see a report of beneficiaries (creditors) who are still owed a payment relating to a specific property. The balances will be displayed until the beneficiary is paid or until the payment is removed/deleted from the property.

Figure 3: Beneficiaries with a balance

3. ACTIVE BENEFICIARIES You can view a list of active beneficiaries when you click on this report from the ‘Beneficiaries’ drop-down menu. The report displays what type of beneficiary has been created as well as the property and type of payment they are receiving, i.e. a fixed amount or a percentage. In most instances, the owner is displayed as a percentage beneficiary. An owner will always receive 100% of the funds left over after all other beneficiary payments are reconciled to a property.

Figure 4: Active beneficiaries

The ‘Notify’ column informs you how the beneficiary is being communicated with. The beneficiary will receive SMS and/or e-mail notifications of payments being reconciled to their account. Owners receive statements when their notifications are enabled. Owners are the only beneficiaries that receive full statements. The ‘Status’ column indicates that the beneficiary is active.

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Figure 5: Beneficiary overview

4. DISABLED BENEFICIARIES The ‘Disabled for payments’ report selected from the ‘Beneficiaries’ drop-down box will display all payments that have been disabled. You can disable payments to a beneficiary when you do not want to pay them from an amount you are reconciling.

Figure 6: Disabled for payments

When you click on a beneficiary, the beneficiary overview screen will open. This page shows properties that are currently linked to this beneficiary and any previous properties the beneficiary was linked to. You can also see recent payments to the beneficiary. The drop-down menus next to the ‘Current’ and ‘Previous’ properties will allow you to view transactions, see a property overview, update (change) a payment, and where the beneficiary is an owner, open the owner statement.

The ‘Recent payments’ section allows you to view payment confirmations in the same way you would from the transaction history report.

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The property below shows two disabled payments as displayed in the ‘Disabled for payments’ report. You disable the payment by selecting ‘Disable’ from the drop-down menu next to the created payment on the property. When you want to pay the beneficiary the next time you reconcile funds, enable the payment again by selecting ‘Enable’ from the drop-down menu next to the payment on the property.

Figure 7: Payments to beneficiaries – disabled