OfficePartner: Owing Ledger

This is an overview of the Owing system in OfficePartner and how it supports Advertising. Here are some key points:

• The Owing system can be used independently from Advertising,
  
• Each property can have its own account,
  
• An account is automatically created whenever advertising costs are allocated to vendors.
  

When a vendor agrees to contribute towards marketing the first step is to enter an invoice. The invoice is from your company to the vendor and can be printed at this stage. The invoice would usually be for the entire agreed campaign contribution amount, or it could be only the amount actually received. You can also enter a receipt at any time.

The Owing system can include invoices for services like Auctioneer fees which may not be entered as a publication. We recommend entering photography, virtual tours, and feature property upgrades, as publications which can be completed as required. In Owing, each listing's account can be made visible when you are processing a sale so that any invoices entered as 'payable on sale' can be dealt with when dispersing funds from the trust account (and/or sending a combined invoice for commission and marketing to the vendor's solicitor).

Note: If you enter a receipt without an invoice, the system will report that the vendor is owed money (regardless of whether advertising costs are allocated to them).

Owing accounts are Active by default. When you have dealt with a property the account should be set Finalised. If any sold or withdrawn properties have outstanding invoices, they can be set Flagged to ensure they are followed up.