See Also Rent-When is it Charged First Month’s Rent
You can charge rent in AR, Scheduled Receivables or AR, Pro-rated Rent or AR, Charge Tenant.
Scheduled Receivables
This is the most common method. It is generally done once a month near the end of the month for the rents you expect to receive in the upcoming month.
When these charges are posted, several transactions are generated.
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The tenant’s balance will show that rent is owed to the owner.
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The owner’s ledger will show a receivable due for the amount of rent.
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If a management fee is collected when the rent is received, a payable is recorded to the owner ledger for the amount of the management fee. Note that the management fee is not deducted from the owner balance until rent is received.
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Rents are charged based on the Next Scheduled Date in the Tenant Profile. If the Next Scheduled Date is Sept. 1 and you pick a date of Sept. 30 for Scheduled Thru, then a rent charge will be recorded. Once the rent charge is posted the Tenant Profile will be updated to show the new Next Scheduled Date for each tenant.
Pro-rated Rent
Pro-rated rent is a convenient way to charge the tenant rent for a portion of a month or a portion of a month plus a full month. In addition, you can have a leasing fee and/or management fee charged to the owner and credited to the Management Group.
Depending on how you handle new tenants and renewals, you may have to verify the Next Scheduled Date in the Tenant Profile so that the tenant is charged for rent starting on the appropriate date.
Charge Tenant
Charging the tenant rent in AR, Charge Tenant is convenient when you - for whatever reason - need to charge the tenant more than was done in Scheduled Receivables or in lieu of using the Pro-rated Rent function.
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Charging an amount for rent causes the tenant balance to reflect the additional amount due to the owner.
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The receivables and payables transactions are recorded in the owner’s ledger if a management fee is taken on collected rent.
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The Next Scheduled Date in the Tenant Profile is not changed when rent is charged thru this function.
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