Understanding Tenant Related Transactions
Tenant-related transactions are any transaction that you or the system will post that displays on either the tenant ledger or the deposit ledger.
This article provides an overview of Tenant Related Transactions with clickable links to step-by-step instructions. The following transactions are included. Click directly on one of the following links to jump to that section:
Tenant Transactions
Before we dive into the different tenant transactions, it's important to know that your Rentec Direct software was designed with built-in Products and Services (categories) specifically used to post charges to Tenant Ledgers and are not considered income nor expense as no funds are moving in or out of a Property, Owner, or Bank Ledger.
Rent Charges
A rent charge means you are charging the tenant an amount for rent due. When you move a tenant into a property, the system prompts for a Begin Date to start charging rent and the option of selecting how often the charge is to post. Once a begin date and frequency are set, a charge will continue to post to the tenant ledger as scheduled.
- If you enter a future date, the system will place a 120 Rent Charge on the tenant ledger for that future rent charge.
- If you enter a past date, the system will place a 120 Rent Charge on the tenant ledger for each charge period beginning with the date entered.
Note: These charges will display on the Debit column of the tenants' ledger only. A 120 Charge will never post to any other ledger.
If a Recurring Rent charge was not set up upon move-in, click this link for steps to quickly create a Recurring Transaction
Late Fees
The 130 Charge category is used by the system to automatically post Late Fees to a tenant ledger based on your specified Late Fee settings.
Click on this link to learn more about Late Fees
Other Charges
There are 4 designated Products (Charge Categories) that are most frequently used with GAP (general accounting practices), and you can easily create custom Product & Service charge categories as needed.
Click here to learn more about Adding Other Tenant Charges, and click here to see how you can easily create an invoice to post all custom charges at the same time to ensure accurate late fee calculations: Products and Surcharges
Income from Tenants
Payments received from tenants should be posted directly to the Tenant ledger. This ensures that the transaction flows to all the linked ledgers (Tenant, Property, Bank)
Payments received from tenants will be displayed on the Credit column of the tenant ledger as it credits that tenant for their payment. It offsets the charges on the debit column and creates a rolling balance for that tenant.
The Tenant Portal displays the same information and rolling balance, allowing tenants to track their account status.
Click this link to learn more about Posting Income from tenants.
Discounts and Concessions
There are a few ways to offer a tenant a discount, waive a late fee, or apply some other concession (also known as a rent discount, tenant credit, or write-off).
Again, because it is tenant-related, it's important to make those adjustments directly to the Tenant Ledger.
Click this link to learn more about applying a Rent Discount, Concession, or Write Off
Refunds
There are times when you will want to give a refund to a tenant. In this case, an expense from the Property will need to be created because it holds the original funds. Click here for step-by-step instructions on how to issue Tenant Refunds
Tenant Deposits
Deposits received by a tenant are held in a separate ledger and are not considered income while held.
Access to the tenant deposit ledger is found by going into the regular tenant ledger. Other items that may be posted to this stand-alone ledger could be cleaning fees, pet deposit, key deposit, utility deposit, and last month's rent.
Click here to learn more about managing Tenant Security Deposits