Last Month's Rent
It is simple to keep track of funds you receive from a tenant that should be set aside for the last month's rent in their tenancy.
Post Last Month's Rent Funds Collected at Move-In
If you collect Last Month's Rent from a tenant at move-in, follow the same directions for receiving a deposit and note the transaction Description that the payment is for the final month's rent.
More information about receiving deposits can be found here: Tenant Security Deposits
This will then add the amount to the deposit tracking window so you can easily track it.
Applying Last Month's Rent at End of Tenancy
When it is time to apply the last month's rent back to the tenant, follow these instructions.
In your Rentec Direct account:
- Click Tenants.
- Right-click and choose View Ledger from the tenant's drop-down menu
- Click on the On Deposit button
- Choose Apply Deposit as Tenant Credit
- Enter the Amount, Category, and add an appropriate Memo
- Click Save Changes when finished
This will place that amount onto the Tenant ledger to offset the last month's rent charge and just like all rent payments posted, will update the corresponding Property and Banking ledgers (as well as any corresponding Owner ledger if applicable). '.