Unallocated funds account

Smile cannot allocate a receipt for an imported payment to an account if the details in the import file are incorrect. However, you can configure Smile to store the receipts for these unallocated payments in an unallocated funds account.

For example, if Smile imports a BPay payment of $100 but cannot allocate the payment to an account, Smile creates a receipt for the payment in the unallocated funds account. Smile then changes the status of the payment to error. When you investigate the error, you discover the payment was intended for the account of Joe Smith and allocate the receipt to Joe's account. This ensures Joe's account balance is accurate and includes each payment he has made.

You can also use an unallocated funds account to hold security deposits. When a customer pays a deposit for a service, you transfer the funds from the customer account to the unallocated funds account to ensure the customer's account balance is correct. When it is time to return the deposit to the customer, you transfer the funds from the unallocated funds account back to the customer's account.