Help with banking!?

Question

i am 17 years old and i have a finally got a job i need to have some knowledge of banking. its a letting agency and i need to know when landlords pay management fee to lettings agency for managing property how do the letting agents pay themselves? with cheque? how is the transaction carried out in the bank? if i write a check what do i go and say at the bank.?

Answer 1

When the rent is paid by the tenant into the client account, the agent then pays the fees into their business account, and the remainder to the landlords account. This is  all done be BACS transfer, no money physically changes hands.

If you have just got the job, then you will not be let near the accounts department. It is almost impossible to to rip off a decent agent, their accounts have to be exact, so don't bother trying !