Update Rent and Commission
The Update Rent and Commission screen will update the Rent Amount and Commission figures for outstanding Rent transactions on the Tenant's Account. If Payment Day or Payment Frequency are changed a new tab will display a tab enabling the Payment Schedule to be previewed. The Tenancy and Property will also be update to reflect these changes.
The Update Rent a Commission function can only update transactions on or after today.
https://www.youtube.com/watch?v=vo26RMaNFU8
General tab
The following can be changed as required:
Update Rents | Specify the date from which rents will be updated |
Rent | The current Rent amount will be displayed. If the amount is to be modified enter the new amount here |
Tax Rate | Edit the tax rate |
Payment Frequency | Edit the payment frequency |
Payment Day | Edit the payment day |
Payment Method | Edit the payment |
Rent Benefit | Enter any rent benefit here |
Rent Benefit Payment Frequency | Edit the benefit payment frequency here |
Benefit Payment Day | Edit the benefit payment day here |
Benefit Payment Method | Edit the benefit payment method |
Management Fee | Edit the management fee |
Example scenario
For instance if you have a Tenant that is switching from a monthly Tenancy to a monthly Tenancy with Rent Benefit paid Four Weekly you can use the Update Rent and Commission feature to update their Tenancy. The Update Rents From field will give you the ability to specify from what date you want this changes to take effect. You'll also be given the opportunity to preview these payments before generating them.
