Draw Down

When you apply fees and charges to people on the system, i.e. management fees, admin fees, etc, the system produces a total balance based on the charges which have been both invoiced and paid. This balance is what you can safely draw down as profits. You would need to show the system that you are drawing down these funds and then you would make the real life movement out of your client account and into your business account in the real world.

To conduct a draw down on the system, head to the Accounts tab

Then go to Bank Accounts

Next select the 'Client account'

Select Draw Down Paid Sales from the left-hand ladder

Select the box next to the account balance that you want to draw down

PLEASE NOTE!: you can see a breakdown of what these figures are made up of by exporting the "Unpaid Sales" and "Paid Sales" reports which can be found at the bottom of this page. These reports will automatically be saved for you on completion of the draw down process. 

Select the Draw Down Paid Sales button

You will be able to see how much is available to draw down - as we have mentioned, these are figures based on any charges which have been invoiced and paid.

Select 'Confirm Draw Down paid sales'.

This will create a payment group which will await reconciliation.

You can now physically transfer the funds across from your client account into your business account. 

The transaction entry appearing on your statement you would then reconcile against the outgoing payment group which was automatically created upon completion of the draw down.

Additionally to the Draw Down Paid Sales section, we've added a new report option where you can download a Xero accounting software compatible CSV file that can be used to upload paid invoice details into Xero:

Follow the normal processes for Draw Down Paid Sales by selecting your desired branch, then prior to completing the draw down select the Export Paid Sales - Xero report. Once downloaded you can complete your draw down in the usual way and then upload this file to your Xero accounting software to reflect recent changes: