Invoices


Moses | email Dec 13 2015, 08:59 AM
Hi there.

I have been pilot running your software with a view to buy it. I run a student hostel - studio apartments hosting 2 students each with their own separate leases. A few questions if I may.

1. The software cannot accept 2 leases per unit hence am separating each unit into 2 bed spaces (a) and (b) since that is essentially what I am renting out. Let me know if there is a better way to do this.

2. I bill them for water etc every month. In the software I can generate invoices for this per student but I cannot figure out how to generate a list of overdue invoices. All i can see is a list of invoices and their invoice date.

3. Following from (2) above, how can i create a payment for each of these invoices in the accounting entries section of the software and the software automatically marks the invoices as paid? If the software doesn't have this capacity, is there any other way to manage this other than manually deleting the invoices as I create the respective accounting entries? Naturally, I'd want to see these invoices later on even after they have been settled - possible not to delete them and simply mark them as paid?

Thanks!
Stephane Grenier | email Dec 13 2015, 12:41 PM
Hi Moses,

It's great to hear that you've been running and trying the software. Please find the answers to your questions below:

1. The software cannot accept 2 leases per unit hence am separating each unit into 2 bed spaces (a) and (b) since that is essentially what I am renting out. Let me know if there is a better way to do this.

Actually the software can accept two leases per unit but as you already indicated, separating them out into two units is much better because for all intents and purposes they are rented separately and independently. The two tenants each have their own lease, can move in and out individually, and so on.

2. I bill them for water etc every month. In the software I can generate invoices for this per student but I cannot figure out how to generate a list of overdue invoices. All i can see is a list of invoices and their invoice date.

Overdue amounts have to be invoiced manually. You can either edit the next invoice to include the overdue items or create a new invoice for the overdue items separately.

3. Following from (2) above, how can i create a payment for each of these invoices in the accounting entries section of the software and the software automatically marks the invoices as paid? If the software doesn't have this capacity, is there any other way to manage this other than manually deleting the invoices as I create the respective accounting entries? Naturally, I'd want to see these invoices later on even after they have been settled - possible not to delete them and simply mark them as paid?

The Receipts and Invoices are intentionally NOT directly linked to the accounting entries, these should instead be viewed as legal documents. For example you may have a tenant pay their rent with a check at which point you provide them a receipt. Then maybe 2-3 weeks later the check bounces. In this case you may legally need to retain a copy of the invoice and/or receipt if you need to go to court. Therefore if you link the receipt to the accounting entry then any edits to the accounting entry will in turn edit the receipt, at which point you will no longer be able to provide the courts with the documents you need (this may be especially important for the receipt). In other words the receipts and invoices are a document that once created should never be edited. This is your legal copy for historical reasons.

Regards,
Stephan Grenier
Founder
LandlordMax Software Inc.
http://www.LandlordMax.com
http://www.FollowSteph.com


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