| Jeff | email | Feb 21 2015, 05:37 PM |
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I have a new tenant starting at the middle of next month. Their rent, parking, etc., are pro-rated. What is the best way to schedule those due payments? Obviously I don't want them to repeat. Also, will there be a conflict between the regular rent that will be scheduled for next month and the pro-rated amount that I will enter? Thanks. |
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| Stephane Grenier | email | Feb 23 2015, 03:19 PM |
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Hi Jeff, The best way to do this is to check the "Pro-rated" checkbox in the Lease information. When this is checked the software will automatically adjust the Scheduled Entry to start on the 1st of the next month, and the first month will be pro-rated based on the number of days and appear as a standard Suggested Entry. Regards, Stephan Grenier Founder LandlordMax Software Inc. http://www.LandlordMax.com http://www.FollowSteph.com |
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| Jeff | email | Feb 25 2015, 08:38 PM |
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Hi Stephan. I have the new tenant set up with a lease start date and move-in date of 3/9. I don't see it yet in scheduled or suggested entries. Will it show up in the first day of next month? Also, how do I enter pro-rated utilities, parking, etc.? Thanks, Jeff |
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| Stephane Grenier | email | Feb 26 2015, 09:43 PM |
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Hi Jeff, The Scheduled Entry is created as soon as you save your Lease information. The Suggested Entry is of course created from then on based on the Scheduled Entry. That being said is it possible that you accidentaly deleted it? Are you seeing other Scheduled Entries? Can you also please confirm that you're using version 11.05d. Can you please confirm that you have correctly entered in the Lease information, especially the dates. Lastly, did you save the Tenant (ie. Lease information) before you were partway through entering the Lease information? I ask this last question because the Scheduled Entry is only created when you first save the Lease information, and if it's incomplete, say you only have the most basic of information, there may not be enough to create a Scheduled Entry. As for other pro-rated Scheduled Entries these have to be manually done. In these cases what you have to do is create the Scheduled Entries to start on the 1st of the next month and create standard Accounting Entries for the pro-rated portion of the amounts. Regards, Stephan Grenier Founder LandlordMax Software Inc. http://www.LandlordMax.com http://www.FollowSteph.com |
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| Jeff | email | Feb 28 2015, 02:54 PM |
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Stephan, I am using version 11.05d. Yes, I saved the Tenant information and the dates are correct. Other scheduled and suggested entries show up. "Pro-rated" is checked, the move-in and lease start date is 3/16, and the lease ends at the end of August. I see that the tenant shows up in Scheduled Entries, but it shows her starting on 3/16 with the full rent - not pro-rated. Also, I don't understand the need for creating accounting entries if the "pro-rated" box is checked. I'd think that checking that box would take care of it without the need for other entries. Also, aren't accounting entries for expenses? Thanks, Jeff |
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| Jeff | email | Mar 1 2015, 05:19 PM |
| Also, I added a new tenant with a move-in and lease start date of 2/25. I scheduled her pro-rated rent, etc. Now, in Scheduled Entries, it shows that her rent is due on the 25th of each month. I went back to her Tenant information and checked "pro-rated." It doesn't seemed to have changed anything, though. | |
| Jeff | email | Mar 1 2015, 05:44 PM |
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Another problem: When I raise rent, the old rent still shows up in the title of the Scheduled Entry: "Rent for 123 Main Street #1 for 650.00/Monthly," even though the newer (higher) rent shows up. When rent is raised do we then have to remember to edit the Scheduled Entry? |
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| Stephane Grenier | email | Mar 3 2015, 09:08 PM |
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Hi Jeff, First thing, please note that the software creates the Scheduled Entry when you initially save the new Lease. So for example if you click on the Pro-rated checkbox after you've already saved the Lease at least once it will not re-adjust the Scheduled Entry. Have you possibly done this? As for why it's not created, the only option at this point is for you to send us a backed up copy of your database so that we can manually investigate the issue. Basically the database includes additional audit information which allows us to determine exactly what happened. In virtually all cases when we've done this it's because someone accidentaly and incorrectly deleted the associated Scheduled Entry. In this case you just need to manually re-create it. In regards to your other question, Accounting Entries are for any expenses or revenue, it's not just for expenses. They are for all your transactions. I''m curious as to why you ask this because a rent is a revenue... The Pro-rated checkmark allows you to deal with pro-rated rents, that is rents that don't start on the 1st of the month. In these cases you'll generally have an initially Accounting Entry for a partial rent, for example the first 18 days the tenant has moved in, before the rents then proceed to monthly rates. That being said, when you say "Also, I added a new tenant with a move-in and lease start date of 2/25. I scheduled her pro-rated rent, etc. Now, in Scheduled Entries, it shows that her rent is due on the 25th of each month. I went back to her Tenant information and checked "pro-rated." It doesn't seemed to have changed anything, though." this pretty much tells me that you're saving your Leases partway through entering them. To quote Section 4.5 of the user manual at: http://www.landlordmax.com/support/index.php?pg=kb.book&id=2 "Although creating a Lease automatically creates Scheduled Entries for you they are not linked because of several reasons. For example the rent can be paid late, rents can be paid after a lease is completed, etc. As well some Tenants will transition to a month to month rent without a Lease, and therefore some people prefer to just keep the Scheduled Entries around rather than having to re-enter a new one manually. Therefore, when a Tenant moves out, you will also have to delete the Scheduled Entries. As well, for the same reasons, editing a lease does not adjust the Scheduled Entries, or any other related entries for safety reasons. For example, if it did, editing a lease would then cause your previous Accounting Entries to also be edited, which is very likely wrong and could result in a lot of issues. Therefore as stated before, although Leases do create Scheduled Entries, they are not linked to the Scheduled Entries they have created. This is also true if you change the Tenant's Status to Past because it's very much possible to have a past tenant still owe you monthly rents from an existing lease (for example a tenant that is no longer living there but still has some time left on the lease, or a parent leasing a unit for their college kid during the summer)." Similarly when you talk about raising the rents, this is the same issue. Additionally please note that in the latest version the software has a new button to "Renew" a lease which is mean to assist you with this very process. Basically based on everything you've mentioned in the last few tickets I believe the issue is that you're expectations on how the software work are not inline with what it actually does. Hopefully reading the above from the user manual will explain what is going on and bring light to the issues. Regards, Stephan Grenier Founder LandlordMax Software Inc. http://www.LandlordMax.com http://www.FollowSteph.com |
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