Process Tenant Payments

There are two methods of processing Rent received from Tenants.

1. Batch Processing using the Process Tenant Payments screen.

2. Individual Rent Payments using the Tenants Account screen.

The function of Processing Tenant Payments is to post credits to Tenant and Landlord accounts and deduct Management Fees for Rent Payments.

Reminder for Rent Due is automatically created on the Home Page. When clicked on, this will display the Process Tenant Payments screen.

https://www.youtube.com/watch?v=9N4_rSQeYrY

Alternatively, the Process Tenant Payments can be accessed by clicking the Process Tenant Payments from the Financial tab in the Lettings group of the ribbon menu.

It produces a list of outstanding Transactions (i.e. Due Date is less than or equal to the current date) which were raised with the Rent Due Product and that have the Requires Processing option ticked.

The filter options at the top of the screen allow you to choose the payments that are displayed for payment.

The screen provides the following information for each Transaction:

• Due Date - the due date of the transaction

• Overdue - the number of days the transaction is overdue

• Contact - the name of the Tenant

• Reference - the property ID

• Property - the name of the Property that the Rent relates to

• Landlord - the name of the Landlord of the Property

• Commission - the amount of commission to be charged to the Landlord

• Due - the amount of Rent Due

• Received - the amount to be paid to the Landlord, i.e. Rent minus Commission

• Reference/Cheque No- a reference for the payment that can be type directly into the field

• Include - a checkbox allowing the selection of payments that have been received i.e. when the Tenants payment (Standing Order/Cash/Cheque) has cleared

To Process Tenant Payments

1. From the Financial tab click the Process Tenant Payments.

2. To process the payment items select the ones you want to pay by ticking in the Include column and click the Run button.

3. You can select which Rents have been received, directly enter Cheque/Reference numbers. The Edit Received button allows over/under payments to be made by typing in an Adjust Received Amount.

4. Optionally Import a payment file*.

5. The Report button- this provides the option to produce either an Aged Debtors Summary Report or Aged Debtors Detail Report.

6. When Run, the following Transactions are automatically created:

 • A 'Rent Received Credit' is created on the Tenants Account. This is allocated against the Rent Due which is marked as being Paid.

• A 'Rent Received' Credit is created on the Landlords Account.

• A 'Management Fee' Debit is created on the Landlords Account.

*Import Payment File

Some Banks can produce a banking payment file which lists your payments. This can be imported into Acquaint which will match the Contact's and automatically select (tick) the Tenant Payments for you.