How can I set up Direct Debit/Deposit payments from the tenant?

Direct Debit for Tenants

 

One of the rent payment methods available to tenants is the ability to do a direct deposit. This is where your company send up to the bank for the tenant money and then pull it back down.

You will need the tenants written permission for this.

 

Setting up the Tenant

You can do two types of Direct Debits, one for rent and others and one just for Tracked Invoices. There are a few things to set up in Palace first

 

  • Payment Type
  • Payment Details
  • Bank Account
Instructions - Setting up the tenant

 

  1. Edit the tenant
  2. Click on the drop down arrow next to the Payment Type - Select Direct Deposits

  3. Now click on Drop down arrow next to Payment Details - Fill in the amount, the days frequency and you must put a date that the direct deposit is due

  4. Fill in any other field that you may need. ie Invoices (not for the tracked ones)
  5. Save
  6. Click on Bank accounts ... Enter in the tenant bank account details

  7. Click Save and then Save the tenant record.

 

Note: You can also send up a DD file for just tracked Invoices. You do not need to set up anything extra for this, this will just look for the Invoices that are Overdue and bring down the amount accordingly.

 

Sending the file to the bank

Palace created a CSV file from the Direct Deposits due for you to send to the bank, Once the bank receive it they process it and the tenant rents are then shown on your bank statement the next morning. Receipt as normal.

 

  • You must have set up the ability to do Direct Debits/Deposits with the bank.
  • You can either send up the Direct Debits file or the Direct Debits Tracked Invoices file.
Instructions - Generating the Direct Debits File to the bank

 

  1. Go to Transactions - Click on the drop down arrow on the right hand side. 

  2. Select Generate DD Entries or Generate DD entries (Invoices)
  3. The screen will show all tenants that are due up to the date given or all the overdue invoices for that particular tenant
    Note: You can edit the amount that you require by highlighting the tenant and click on Edit.


  4. Tick all the required tenants or select all
  5. Then click OK
  6. This will take you to the Online Screen, click on Generate

  7. This will create a CSV file for you to upload to your bank
  8. All done

 

NOTE:  If a payment is dishonored i.e Bank not being able to take the money then it will show by.....

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