See See How to PDF document #255
It is possible to establish discounts for tenants who pay their rent early or on time. The parameters of the discount amount and the grace period for applying the discount are entered in the Late Fee profile in Setup. The account to use when posting the discount is entered in Setup, Posting Table.
When the receipt is entered in AR, Tenant Receipt, the system will look first at the Maximum Days after Due Date field to see if a discount is applicable based on the Posting Date on the receipt screen. If it is beyond the grace period, no discount will be calculated. The discount will be calculated only if the charge is paid within the Maximum Days of the posting date of the charge. The discount is calculated only on rent. You can change the amount of the discount on the receipt screen.
Once posted, the full rent amount will be credited to the owner’s ledger, then the discount subtracted, using the account established in Setup, Posting Table. The management fee will be taken on the full rent amount. If you wish only the discounted amount to be considered when 1099’s are run, make the discount account Rent or some other account with an account type of Taxable Income.
If you never use rent discounts, processing of receipts can be made faster by disabling the rent discount checking in Processing Defaults.
Note: If you want to take a management fee on the discounted rent amount, rather than the full rent amount, go to Setup, Processing Defaults. Click on the RPM tab. In the Customized Programming Options box, type "/mfd" without the quotation marks. Exit the program and log back in to make it effective.
|