The prorated rent function can be used to accomplish any combination of the following:
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Calculate and post a partial rent
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Whatever number is entered in each of the three fields on the left (Rent, Management Fee, Leasing Fee) will post immediately to the appropriate account. Clicking the <New> or <Post> buttons will record:
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Rent as a charge to the tenant on the Posting Date
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Leasing Fee expense to the owner and Leasing Fee income to the management group ledger on the Posting Date. This is a transaction that is not connected to the rent charge.
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Management Fee expense to the owner and Management Fee income to the management group on the posting date. (If a negative amount is entered, a negative management fee expense will be posted to the owner and a negative management fee income to the management group - thus a net effect of a reduction in the management fee expense to the owner and a reduction of the management fee income to the management group.)
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A [Next Scheduled Date] in the Tenant Profile, Lease tab, of the day following the specified End Date.
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Posting the transaction immediately records the transactions. If the management fee or leasing fee draws the owner balance below zero a warning message will display. You have the option to continue or cancel.
NOTE: If rent charge is voided, the management fee will also be voided, but the leasing fee will not.
All of the fields on the form are for information purposes only, except for Posting Date, End Date, Rent, Leasing Fee, and Management Fee. The entries in those fields dictate what gets recorded.
Situation A
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Prorated rent amount is due now
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Next month’s rent is charged next month
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Management fee is taken on pro-rated rent
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Leasing fee is taken on next month’s rent
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In this case the tenant pays you the prorated rent.
1.
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Go to <<AR, Prorated Rent>>
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2.
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Select the [Tenant] or the [Unit]
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3.
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Change the posting [Date] if appropriate
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4.
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Enter a [Due By] date if different from the posting [Date]
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5.
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Make the [Start Date] and [End Date] the start and end of the prorated rent period
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6.
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The entries in [Rent] and [Management Fee] are computed based on the rent amount and management fee structure per the UNIT PROFILE. If the numbers you wish to charge/take are different, change them.
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7.
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Click <Post>. The rent amount will be charged to the tenant. The management fee will be taken from the owner and given to the management group. The [Next Scheduled] date for rent in the TENANT PROFILE will be set to the day after the [End Date].
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8.
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Now you can post the tenant payment.
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Situation B
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Prorated rent is due now
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Next month’s rent is due now
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Management fee is taken on prorated rent
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No management fee is taken on next month’s rent
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Leasing fee is taken against next month’s rent
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In this case the tenant pays you now for the partial month’s rent and next month’s rent
1.
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Go to <<AR, Prorated Rent>>
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2.
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Select the [Tenant] or the [Unit]
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3.
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Change the posting [Date] if appropriate
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4.
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Enter a [Due By] date if different from the posting [Date]
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6.
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Make the [End Date] the last day of the prorated month
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7.
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The entries in [Rent] and [Management Fee] are computed based on the rent amount and management fee structure per the unit profile. If the numbers you wish to charge/take are different, change them.
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8.
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The [Leasing Fee] amount is taken from the MANAGEMENT FEE PROFILE. Delete that amount in the field on the left – you will take the leasing fee on next month’s rent.
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9.
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Click <New>. The rent amount will be charged to the tenant. The management fee will be taken from the owner and given to the management group.
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10.
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Select the [Tenant] or the [Unit]
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11.
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The posting [Date} will be the same as above.
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12.
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Set the [Start Date] as the first day of next month.
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13.
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Make the [End Date] the last day of next month.
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14.
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The entries in [Rent] and [Management Fee] are computed based on the rent amount and management fee structure per the unit profile. Delete the management fee amount as you are taking a leasing fee on this rent.
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15.
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The [Leasing Fee] amount is taken from the MANAGEMENT FEE PROFILE.
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16.
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Click <Post>. The rent amount will be charged to the tenant with no management fee. The leasing fee will be taken from the owner and given to the management group. The [Next Scheduled] date for rent in the TENANT PROFILE will be set to the day after the [End Date].
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17.
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Now you can post the tenant payment.
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Situation C
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Prorated rent is due next month
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Next month’s rent is due now
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Management fee is taken on prorated rent
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No management fee is taken on next month’s rent
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Leasing fee is taken against next month’s rent
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In this case the tenant pays you now for a full month’s rent
1.
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Go to <<AR, Prorated Rent>>
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2.
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Select the [Tenant] or the [Unit]
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3.
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Make the [Posting Date] and [Due Date] the first day of next month
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4.
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Enter the [Start Date] for calculating the prorated rent amount.
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5.
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Enter the [End Date] as the last day of the prorated month.
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6.
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The entries in [Rent] and [Management Fee] are computed based on the rent amount and management fee structure per the unit profile. Make note of the rent amount.
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7.
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Go to <<AR, Charge Tenant>>.
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8.
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Select the [Tenant] or [Unit].
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9.
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Make the [Due Date] the first day of next month
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10.
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Enter a charge of [Rent] in the amount calculated above (or whatever you have computed).
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12.
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Go to <<AR, Prorated Rent>>.
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13.
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Select the [Tenant] or the [Unit]
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14.
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Change the posting [Date] to today or whatever date you wish for the full month’s rent charge.
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15.
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Set the [Start Date] as the first day of next month.
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16.
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Make the [End Date] the last day of next month.
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17.
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The entries in [Rent] and [Management Fee] are computed based on the rent amount and management fee structure per the unit profile. Make the [Management Fee] field blank.
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18.
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The [Leasing Fee] amount is taken from the MANAGEMENT FEE PROFILE. Change that if necessary.
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19.
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Click <Post>. The rent amount will be charged to the tenant with no management fee. The leasing fee will be taken from the owner and given to the management group. The [Next Scheduled] date for rent in the TENANT PROFILE will be set to the day after the [End Date].
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20.
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Now you can post the tenant payment.
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Posting a Rent Not Subject to Management Fees
1.
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Go to <<AR, Prorated Rent>>
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2.
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Select the [Tenant] or the [Unit]
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3.
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Change the posting [Date] if appropriate
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4.
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Enter a [Due By] date if different from the posting [Date]
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5.
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Clear the [End Date] field
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6.
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Enter the [Rent] amount
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7.
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Click <Post>. The rent amount will be charged to the tenant. When the tenant pays the rent no fee will be taken.
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