This help file will show you how Palace manages your rent arrears, what reports to use and how to read them.
Palace allows for two main settings on how the system reports as well as a setting for overdue amounts. These are both found in the system set up area.
Day by Day: This means that the system will report on the rent each day regardless of the rental period. i.e All calculations will be made to the nearest day, not week or month. Please Note: Any part payment will add up till it reaches a full day and then roll over the “paid to date” by one day
Period: This means that the system will report on the rent by “period” for a tenant, Usually this will be a week. Please Note: Any part payment will add up till it reaches a full week before rolling over the “paid to date” by one week. This is the recommended setting
Rent Overdue Amount: The arrears amount is calculated on a daily basis, when a tenant passes their paid to date and there is no transaction within the next 12 hours, the tenant will show in arrears.
Palace will show two settings: Owing to today and owing to the end of the period. End of period will work on what every frequency the tenant is set on i.e Fortnightly
Tenant Screen – List
The Rent Overdue column that runs down the side of the tenant screen shows the amount owing minus the part payments.