Parital rent payments


Tenaya | email Jul 31 2017, 01:03 PM
I have a question regarding inputting payments as accounting entries. Your user manual suggests inputting partial payments as separate entries, each one reflecting the amount due as the amount of the payment being inputted- example: If the rent due is $1000, but they made one payment of $600 and one payment of $400, then you would make two entries, one for $600 and one for $400. What confuses me about this is the amount due. Your manual says to make the amount due the same amount as the payment (e.g. $600 or $400), as opposed to the total value of rent due ($1000). This makes no sense to me. Would it work to make an entry saying the total amount due ($1000) and then reflect the first payment ($600) so that it keeps a remaining balance until the second payment arrives? Otherwise, I don't see how you would be aware of the remaining balance if you put the amount due the same as the payment. I hope I worded this in a way that makes sense. Thank you for your time.

-Tenaya
Stephane Grenier | email Jul 31 2017, 02:08 PM
Hi Tenaya,

Please bear with me as I try to work through your example. Initially you have a rent for $1000 so we have:

Due: $1000
Paid: $0

Then the tenant pays you $600 of the $1000 so you have:

Entry 1
---------
Due $600
Paid $600
Balance $0

Entry 2
----------
Due $400
Paid $0
Balance $400 owing.

The total of the two entries is $1000 due with $600 paid and $400 still owing.

To give you an analogy it's much like your bank account, where the two payments would appear as two line items (entries) in your bank statement, one for each payment made. The Amount Due (Date Due, etc.) should be viewed more as additional information to help you manage your properties than anything else.

That being said please note that this is all automated for you by the software when you click on the Partial button. In other words the software will automatically split the entry for you into the paid and unpaid portions.

If this isn't what you're asking for then can you please break down your example similarly to what I've done so that I can better understanding your question and try to better answer it.

Regards,
Stephan Grenier
Founder
LandlordMax Software Inc.
http://www.LandlordMax.com
http://www.FollowSteph.com
Seymour Mender | email Jan 6 2018, 09:38 AM
I follow Stephane's example above save and except, I am confused as what point or points in time to I click on the "Partial" tab. In other words do I click on the Partial tab before, during or after making each or one of the two entries?
Stephane Grenier | email Jan 6 2018, 06:08 PM
Hi Seymour,

Based on the email support request you also sent I believe the issue may be that you're trying to make a partial payment from an Accounting Entry that hasn't yet been saved. In other words the Partial button only works on existing Accounting Entries, therefore you'll first need to save the Accounting Entry before you can use the Partial button. Once the initial Accounting Entry has been saved you can then make a partial payment on it.

Regards,
Stephan Grenier
Founder
LandlordMax Software Inc.
http://www.LandlordMax.com
http://www.FollowSteph.com
Rui | email Jun 14 2018, 03:46 PM
Can you make a video of this on your youtube site?
Stephane Grenier | email Jun 14 2018, 09:28 PM
Hi Rui,

We will definitely consider it. That being said the way it works is you select the Accounting Entry you want to apply a partial payment to and click on the Partial button. The software will do all the rest for you automatically. In other words all the above is done for you by clicking on that "Partial" button at the top of the accounting screen.

Regards,
Stephan Grenier
Founder
LandlordMax Software Inc.
http://www.LandlordMax.com
http://www.FollowSteph.com
Craig Gerrard | email Mar 26 2019, 04:35 PM
Can you make more than 1 partial payment for a single months rent due. I have a tenant who owes 1000 but makes 3 or more payments in that month to make up the full amount. How is this done with the current system?
Thanks so much
Stephane Grenier | email Mar 26 2019, 08:09 PM
Hi Craig,

Yes absolutely, you can make as many partial payments as you like. Each time you have a partial payment you can now just click on the Partial Payment menu option on the right side of the accounting screen to apply a partial payment. You can then repeat this process as many times as you have partial payments.

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


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