Prorated Rent

The prorated rent function can be used to accomplish any combination of the following:

• Calculate and post a partial rent with no management taken

• post a management fee to be taken from or given back to the owner

• post a leasing fee to be taken from or given back to the owner

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:

• Rent as a charge to the tenant on the Posting Date

• Leasing Fee expense to the owner and Leasing Fee expense to the management group ledger on the Posting Date.

• 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.)

• A [Next Scheduled Date] in the Tenant Profile, Lease tab, of the day following the specified End Date.

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.

Most 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.

See the procedure on Charging Prorated Rent for details on how to post a prorated rent charge.

Rent charged in the prorated rent function has no management fee automatically associated with the charge. Any management fees taken must be entered in the management fee field on the prorated rent screen. That management fee will be taken immediately, not when the tenant pays.

If you compute a prorated rent amount for a tenant leaving before the end of the month and you want management fees on that charge, do the computation here but post the charge under AR, Charge Tenant.

The Start Date and End Date fields are determined based on information in the tenant profile as follows:

• If there is a Move out date, the Start Date is the first of the month and the End Date is the Move out date.

• If no Move out date, it looks for a Move in date. The date range is from the Move in date to the last day of the month.

• If no Move in date, it uses the posting date. The date range is from the Posting Date to the last day of the month.

• If none of those dates are within a month of the system date, it will use the system date and the date range will be from the System Date to the last day of the month.

Leasing Fee

Entering an amount in this field will take money from the owner ledger using the Posting Table entry for Leasing Fee Expense and give it to the management group using the Posting Table entry for Leasing Fee Income as of the Posting Date.

Management Fee

Entering an amount in this field will take money from the owner ledger using the Posting Table entry for Management Fee Expense and give it to the management group using the Posting Table entry for Management Fee income. Entering a negative amount will do the opposite, i.e. take from the management group and give to the owner.