Sometimes when you take on a new management, it comes with an existing tenant. It is important that the tenants current paid to date is entered in correctly so that the tenancy reports work correctly.
You cannot enter in the actual original tenancy start date as the start date in Palace. This is because the Palace will look for rent transaction starting from this date. so if the start date is way before the tenant has started paying rent in Palace, Palace will automatically work out that this tenant is in arrears as it does not have any record of any receipts. i.e if the start date was down for the 1st Feb 2011 and Palace does not receipt the first rent until 1st April 2011, it is going to have the tenant showing as 2 months in arrears.
The "Start Date" to be used is the "paid to date" of the tenant as of the date you take them over i.e if the tenant is paid to the 16th June 2010. Then in Palace you would make the start date the 17th June, this will make the paid to date the 16th June (This applies to Midnight to midnight settings, if Midday to Midday, the start date and the paid to date would be the same)
If for some reason you do not receive good records for the tenancy and you do know the paid to date, we suggest you make the start date the same date as the day you take over the tenancy.
What if the tenant had an amount in credit with the old company, how is that entered in Palace?
For example: The tenant is paid to the 12th Feb and have a part payment amount of $40.00 (Their weekly rent is $200) You would enter them in Palace as below:
- Go to the tenant, click on edit
- The start date is set as the 13th Feb (therefore the paid to date is the 12th Feb)
- Rent Rate is $160 (This is the weekly rent minus the $40 part payment)
- Under Options - Rent Change - Add a rent change for the 20th Feb (One week later) for the normal rent of $200.
- Once the first lot of rent has been receipted, you will see $40 appear as a part payment and then the tenancy will continue as normal.
- If you did not do this when the tenant was entered, they can be subsequently reset and the Palace report function will correct the historic transactions.
- Tenant List
- Setting Up A New Tenant
- Tenant detail Screen - Explained
- Options available on a right click
- Assigning Tenant Money to a Tenant Invoice
- Modify Rent Re-Post
- Tenant Calculator
- Tenant Reports
- Preparing the Welcome Letter or Tenancy Agreement
- TINZ (Tenancy Information New Zealand)