| Danish | email | Aug 20 2014, 04:59 AM |
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Perhaps a suggestion for the next iteration of the software would be when entering new lease data, to have an option for cheque issue date/payment date. This would be the easiest resolve for predicting future cash flows, as the scheduled entry that is automatically created is linked to the lease information but uses the cheque issue date for the recurring entry. Furthermore, it would allow the end-user to see that for example rent is due for Unit XX on 1/08/2014 but payment won't be received till 5/08/2014. I understand that making complex entries with the cross-links is cumbersome but if the scheduled entry uses lease data and the reports use lease data this might be an easy resolve? Regards, |
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| Stephane Grenier | email | Aug 20 2014, 03:38 PM |
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Hi Danish, In fact you might be surprised to hear that the Scheduled Entries are not actually linked to the Lease information. The software creates a Scheduled Entry based on the Lease information but they are not linked. This is actually intentionally done because we have a number of customers who will continue to use their Scheduled Entries after the tenant has ended their Lease. Yes technically you should create a new Lease with an empty Lease End Date, but some people don't and instead prefer to just continuing the same Lease. Therefore as a security measure so that people don't miss any rent payments we don't link the Scheduled Entries. As well other issues that can arise with linking the data is what happens for mid-lease rent increases? Or even worse for month to month (never-ending Leases)? If the data were directly linked then all previously generated Suggested Entries should probably be adjusted accordingly in case it's a data entry issue. If so then you have a very high chance of introducing errors in people's data without them knowing. And if you only adjust new Suggested Entries then those who did have a typo will also have errors in their data without their realizing. In addition to this what happens if the rent payment is split over multiple payments? Over multiple months? Basically things very quickly escalate in complexity and scope, which is why the software doesn't directly link them but rather uses one to create the other. Incidentaly this is also one of the reasons we can keep the software so affordably priced. Solutions that directly link and associate the different data have to deal with all these scenarios and as a result generally cost at least 5-10x our price. Also as far as I know there's no property management software solution that has budgetting features to manage consistently late rent payments if I'm understanding your request, at least as far as I know. You can get a report, same as in LandlordMax, as to what is still owed, but to get a report to know that you will be paid x dollars y days after the rent is due, I don't know of a solution that offers this. And if there are they definitely aren't in the same price range as us... Regards, Stephan Grenier Founder LandlordMax Software Inc. http://www.LandlordMax.com http://www.FollowSteph.com |
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