Permanent Rentals (Owner Accounting)

Permanent Rentals (Owner Accounting)

Permanent Rentals Overview

GuestPoint Owner Accounting makes it simple to create and manage permanent rental leases. Here you can manage tenant details, rental frequencies, bonds, additional charges and manage and receipt off funds received from the tenants.

Permanent Rentals Screen

  1. SEARCH: Enter an Tenant Name, Lease ID, Door Number, Tenant Code or Owner Name to search for corresponding leases
  2. DATE FILTER: Defaults to current Leases, but can be set to any date range
  3. REFRESH: Refreshes the page to pick up any changes since this screen was opened
  4. HELP: Access to Help Guide
  5. ADD RECORD: Create a New Lease
  6. LEASE ID: System generated sequential Lease ID assigned to the Lease
  7. DOOR: Unit number of the lease
  8. TENANT: The Tenant Code entered when the Lease was created
  9. NAME: Name of Tenant
  10. OWNER: Owner of assigned Unit
  11. RENT ARREARS: The total value of overdue rent. Overdue rent will highlight in red and requires attention
  12. RENT DUE: The total value of rent due in the current period
  13. RENT PENDING: The total value of rent charges that have been created, but are not due yet
  14. OTHER PENDING:  The total value of other charges (EG repairs, cable TV etc)
  15. RENT PAID: The total amount of paid rent in the current period
  16. PRINT ICON: Prints the tenant account with one click

Creating a New Tenancy Agreement/Lease

To create a new lease, simply click "Add Record" from the Permanent Rentals screen, and fill out the Details and Bond tabs:

Details tab
  1. START DATE: The date the lease starts from (note this can be backdated if required)
  2. DURATION: The number of weeks the lease runs for. Entering a duration here automatically adjusts the Expiry Date automatically
  3. EXPIRY DATE: The date the lease ends. Entering a date here automatically adjusts the Duration
  4. DOOR: The unit that the tenant is renting
  5. TENANT CODE: A code to help you identify the tenant. Often this is a combination of door number and tenant name
  6. REQUIRED DAYS IN ADVANCE: The number of days the rent should be paid in advance. This will automatically calculate when rent is due on the lease
  7. FREQUENCY: Leases can be set to Weekly, Fortnightly or Monthly periods. Note if daily rent is required, this should be handed through GuestPoint PMS as a reservation
  8. COMMISSION: The commission percentage due to the business for rent. Note the commission account used here can be set under Management -> Setup -> Control Settings
  9. RENT AMOUNT: The amount of rent to be charged per the frequency
  10. NAME OF TENANT: The first and last name of the tenant
  11. EMAIL ADDRESS: The email address of the tenant
  12. PHONE NUMBER: The phone number of the tenant
  13. RENT ACCOUNT: The rent account is set by default, but can be updated here to a different transaction account if required.
  14. DESCRIPTION OF RENT: The rent description is set by default, but can be updated here to a different description if required.
  15. SET TERMINATION DATE: Checking this box allows a a fixed termination date of the lease. This is often not done when a new lease is created, and is instead done when a tenant gives or is given notice that they will be vacating.
Bond Tab
  1. BOND APPLIES TO THIS TENANCY: Check this box if you have collected a bond for this tenancy, and fill out the additional information below
  2. BOND DATE: The Date the bond is due to be paid
  3. BOND AMOUNT: The Amount of the bond
  4. NOTES: Any further details you wish to note down regarding the bond
  5. BOND AUTHORITY (SUPPLIER ACCOUNT): This field is optional and allows you to either select the Business Account, or a Supplier Account where the bond can be paid to. Often a Supplier Account is created for the Residential Tenancies Authority (RTA), so that the bond can be paid to the RTA during Month End.
  6. CREATE AUTOMATIC BOND AUTHORITY CHARGE: Check this box if you wish to create a charge on the tenants account, so that you can receipt funds when the bond is paid into your Trust Account. Please note this is not required if the tenants have paid the bond directly to the RTA.

Managing a Tenancy Agreement/Lease

Double click on any lease to open, view and edit any details as required on the Details and Bond tabs.

The Outstanding Tab allows you view all overdue rent, due rent and other outstanding charges. To Receipt tenant funds against a charge simply select the charges the tenant is paying, and select "Receipt Selected Charges"

This will open the Rental Receipt screen, where you can select the Payment Method

Note it is possible to perform a part-payment on one of the items, by adjusting the amount received on this screen

Paying for rent before due date
It is possible to create rent charges before they are due so that a tenant can pay early. From the Lease screen, simply select "Update Rent" and enter a date in the future to create all rent charges up until this point.

Adding a Charge
To add a charge to a tenant's account, simple select the Add Charge Button and enter the details of the charge. Example charge below:

Printing a Tenant Statement
Simply select "Statement" to print all current transactions on the tenant's account. You can also adjust the date range of the statement by selecting a month from the calendar check box to the right of the button.

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