Managing Estates Ltd
1. Purpose
This document explains how Managing Estates Ltd handles client money to ensure it is safe, properly recorded, and clearly allocated.
2. Bank Accounts
All client money is held in designated client bank accounts and each development has its own client account which are clearly named as “Client Account”.
No overdrafts are permitted on client accounts.
3. Central Receipting
Leaseholder payments are received into a central receipting client account payments are allocated to the correct leaseholder account.
Funds are then transferred to the relevant development account, the balance on this account is monitored.
4. Receiving Money
All receipts are recorded promptly and payments are allocated to the correct account where possible.
Any unidentified receipts are logged and investigated.
5. Payments
Payments are only made for costs relating to the relevant development payments are authorised before being processed.
Invoices are loaded by the Admin Team for Property Manager Approval up to 5k and will require Director approval above this value. Finance Team approve invoice at final stage and process for payment.
Payments require two levels of approval.
6. Transfers
Money is transferred from the receipting account to development accounts once allocated.
7. Bank Reconciliations
All client accounts are reconciled monthly.
Each reconciliation confirms Bank balance vs Cashbook balance, any differences are investigated and resolved.
8. Monitoring the Receipting Account
A control sheet is maintained to explain the balance with a log of unallocated receipts which is reviewed regularly.
The balance must always be understood.
9. Errors and Discrepancies
Any differences are investigated straight away errors are corrected before the reconciliation is signed off.
No unexplained differences are allowed.