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Rents and Levies

Rents and Levies

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Rents and Levies

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The rent amounts and periods are maintained on the Tenant's records and the rental periods may be per Week, Fortnight, Month, Two Month, Quarter, Six Month, Year or Zero Rent.

 

Every tenant has a Paid to Date. For a new tenant, this is normally set as the Lease Start date less one day. In this way the first rent receipt will cover a period starting at the lease date.

 

Normally rent received will be the rent amount or a whole multiple of it. In this case, the Tenant receipt section will advance the Paid to Date by the rent period (or a multiple of it).

 

If the amount received is not an even rent amount, then there are two options.

The receipt program will calculate a paid to date to the nearest day based on the number of days in the period. When the amount covers the number of days plus a small extra amount, this is kept as a rent credit on the tenant details screen and the funds still go to the Lessor.  If the extra amount is more than a days rent you will be given 2 options,

 

Treat Extra Funds as Rent Credit- this option creates a rent credit on the tenant details screen and will not change the tenant's paid to date. The funds still go to the Lessor and the paid to date will automatically update when the tenant pays the balance of rent due.

 

Modify Rent Cycle Start Date- this will adjust the tenant's paid to date by however many days paid and, any amount less than the daily rate will create a rent credit.

 

We would generally recommend to select Rent Credit rather than Modifying dates, as this can cause confusion at a later time.

 

For strata management properties, the levy is treated as rent.

 

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