What Are Household Wallets and How Do They Work?

What Are Household Wallets and How Do They Work?

Also searched as: household credit, store credit, prepayment, wallet balance, dues credit

Household and Member Wallets provide an easy way to carry positive payment balances forward so residents can use them to pay dues. Wallets also generate one-off invoices so Admins can add past-due balances to the system and collect monies owed. Admins can import positive or negative amounts via CSV files, or add transactions manually through the Admin Dashboard.

Wallets enable you to set up payment credits, or store credit. Household members use the funds in a Household Wallet to pay Household dues, and Members use the equivalent positive balance in a Member Wallet to pay Member dues.

Residents do not see information about their Wallets unless they have a positive balance in either or both of them.

Wallets also handle back balances that Households and Members owe. A negative balance only shows up as a one-off invoice, not as a negative value. If you add a negative amount to a Wallet, the system automatically generates a one-off invoice to bill the Household or Member for the amount due. The invoice appears as a regular obligation to be paid, not as a negative Wallet balance. Residents can pay these invoices through the community website, Member Portal, or mobile app.

Admins add Wallet amounts manually, or import them via a spreadsheet-compatible file. A single import file can include both positive amounts (balances) and negative amounts (one-off invoices). Note: if you import both a negative amount and a positive balance for the same Household or Member in the same import file, these transactions do not offset or cancel each other out.

To remove a transaction that adds funds to a Wallet, Admins void the transaction. When you add or void Wallet funds, the system creates a time- and date-stamped record for financial tracking. Individual community Members cannot add to the balance in a Wallet, and a Wallet with a $0 balance is not visible to the corresponding Household or Member.

Household and Member Wallets function completely separately. Each can be used only to pay invoices from their respective types of dues. Balances cannot cross over automatically from a Household Wallet to a Member one-off invoice or vice versa. Residents cannot use either Wallet balance to pay for One-Time Charges, Event Registrations, Amenity Reservations, or Amenity Damage Fees (see the separate article on paying One-Time Charges for the exception that applies there).

If a Member wants to transfer a positive Household Wallet balance to a Member Wallet — or vice versa — an Admin can void the amount in one Wallet and add the corresponding amount to the other Wallet. Each transaction generates a tracking record.

• If your Admin Dashboard is synced to a QuickBooks Online account, payments made with Wallet funds show up in QuickBooks.
• If you have set up Financials to create records for residents' online payments, payments made with Wallet funds show up in Financials as transactions.