Articles in this section

How to Set Up Credit and Rent Charges

Avatar
Shelley Labrecque
  • Updated
Follow

You can set up homeowner credits and rent charges, as well as perform imports and reports about this information.

 

Contents

 

Enable

To enable rent charges and recurring credit functionality:

  1. Navigate to Settings > Interfaces.
  2. Go to the In House section and click Enable next to Rent Module (requires access clients).
  3. Select Recurring Credits and Rent Module.

 

Credit

To view and add homeowner credits:

  1. Navigate to the The Homeowner > Ledger screen and click the Credits (1) tab. The homeowner credits display.

    2024-11-11_09-20-00 (1).png
  2. To add a credit, click New Credit.
    The Edit screen opens.
  3. Provide the following information:

    2024-11-11_09-22-14 (2).png
    • Start Date: Select the date the credit will post and be available for use.
    • End Date: Select the date the credit expires.
    • Assoc Chg: Select the appropriate assessment. You can apply a credit to any assessment configured on the association-level.
    • Amount: The amount of the credit. The system automatically converts this to a negative number.
    • Override GL: Used to override the AR association configured GL. By default, a credit is marked as an Adjustment. If you select the Override GL, the credit is marked as a Write-Off.
    • (Optional) Adjustment Description: Enter a description of the adjustment. If left blank, the Description field on the Ledger > Transactions tab and Homeowner Statements uses the selection in the Assoc Chg field.
  4. Click Update.
    The credit is added to the homeowner account.

 

Rent Charges

This section describes setting up a Rent Assessment and a homeowner rent charge.

 

Rent Assessment

The changes in this section display as a result of enabling the Rent Module. You must set up a new Rent type of assessment for the organization and then a rent charge for the individual homeowner. For more information, see the "How to Set Up a New Charge or Assessment" article. Make sure to select Rent as the Type of Charge on the New/Edit Assessment form.

 

2024-11-11_14-38-18 (1).png

 

Rent Assessment Rules

The Rent Assessment includes the following rules. For more information, see the "How to Set Up Assessment Rules" article.

 

2024-11-11_15-10-05.png

 

The following settings serve as the association-level default (global setting) for rent rules, but you can configure

them on an individual homeowner basis, which takes precedence over the global settings.

 

2024-11-11_15-11-11.png

 

  • Active Within: Enter the start and end date for the rent charge.
    Note    : If you do not provide an end date, the rent charge remains static, and the Auto Renewal and Increase Percent settings do not take effect. The start date is the date the rule starts, not the date the rent is charged.
  • Allow Auto Renewal: Select Yes to allow for automatic renewal of the rent charge. If you set this option to Yes, you must provide an end date.
  • Increase Percent: Enter a percentage to automatically increase the rent by this amount when the renewal takes place.

Best Practice: We recommend that you do not provide an end date at the global level, but include the start and end date at the individual level (per homeowner). Enable Auto Renewal and provide an Increase Percent amount at the global level to ensure that each homeowner's rent charge increases at the same fixed rate.

 

Adding Rent Charges to a Homeowner

To view and/or add rent charges to a homeowner:

  1. Navigate to Homeowners > Ledger.
  2. Click the Rent tab. Rent charges for the selected homeowner display.

    2024-11-11_10-31-25 (1).png
  3. To add a new rent charge, click New Rent. Note: The homeowner settings override the Rent Assessment Rule's settings.
  4. Provide the following information:

    2024-11-11_10-17-48 (1).png
    • Start Date: Enter the date the rental charge posts.
    • End Date: Enter the date the rental charge ends.
    • Assoc Chg: Select the appropriate assessment.
    • Frequency: Select how often the rent will be charged.
    • Amount: Enter the amount of the rent.
    • Description: Enter a description if desired.
    • Allow Auto Renewal: Select Yes or No depending on if you want the rent charge to renew. Select Use Default to defer to the global renewal setting in the rent rules of the rent assessment. If you select the default, you can leave the following two fields blank.
    • Auto Renewal Frequency (years): Enter how often the rent charge will renew.
    • Auto Renewal Percentage (%): Enter the percentage that the rent will increase each time it renews (works in conjunction with the Auto Renewal field.
  5. Click Update.

 

Imports

You can import association-specific homeowner rental charges and credit data using the following imports:

  • Homeowner Rental Charge
  • Homeowner Credits (Recurring)

These imports are currently only available in Append mode, but you can still reverse them within 7 days (same as other reversible imports) as long as you have the appropriate security permissions. Because Imports are association-specific, you can only import one association at a time.

To import homeowner rental charges and credits:

  1. Navigate to Settings > Import.
  2. Click the Imports (1) tab and then New Import (2).
    The New Import screen opens.

    2024-11-11_09-35-26 (1).png
  3. Select the following information:

    2024-11-11_09-38-00 (1).png

    • Import Type: Homeowner Rental Charge or Homeowner Credits (Recurring), depending on which import you want to perform.
    • Import Mode: This field defaults to Append for these specific imports.
    • Association: This field defaults to the association of the selected homeowner.
  4. Click Select files, select the file you want to import, and click Open.
  5. The imported spreadsheet information displays where you can click Save or adjust/fix errors as needed.

 

Reports

Two Microsoft Excel reports exist to view all homeowners across all associations that are currently configured for a rent charge or recurring credit (these are not financial reports).

  • Homeowner Recurring Credit Export
  • Homeowner Rent Export

To run one of the reports:

  1. Navigate to Reports.
  2. Go to the Homeowner section.
  3. Click Excel beside Homeowner Recurring Credit Export or Homeowner Rent Export, depending on which report you want to run.
  4. Select where to save the report, and then click Save. The report runs and saves to the selected location.

 

 

 

Related articles

Comments

0 comments

Please sign in to leave a comment.