Setting Tab: Important settings for the running of Palace
- Bond: 21 or 28 days depending on your company policy
- Move in Rent (Weeks): 1 or 2 again your choice depending on what you require from tenants in advance
- Strict Audit Control: This is switch to on for all Australian clients. NZ Clients have the option but it is preferable that it is turned on as it will stop any Owner Property, ledger or Creditor from being overdrawn.
There are now 3 options with regards to the Strict Audit Control
No: Switched off for the whole portfolio
Yes Owner: This means that a property could be overdrawn if the Owner has money
Yes Property: This means that properties cannot be overdrawn even if money exists against the Owner
- Tenancy Charge tracking - Yes or No
Note: This refers to Tenant Debits/Invoices. If Tracking is turned on, each invoice is then kept as a record and tracked, when the tenant pays you receipt the money directly against the invoice that it refers to. See more information under the Tenant File and the Water Rates file
- Always charge commission on “receipt Invoice Transactions”: This mean that you are able to charge commission on any tenant charges that are created.
- Tenant Invoice Due Within: Set the number of days for showing overdue Invoices e.g If you say they must pay within 14 days, then put 14 in the box. Then you can run a report under Tracked Invoices that will only show those invoices over 14 days old.
Note: This is also important for Direct Debit Invoices, as it uses this date to know when an Invoice is due.
- Calc paid to: default setting is period (This is the preferred choice) the other choice is Day - ie if a tenant pays more than a weeks rent say $20 over, the $20 will sit as a part payment until more money is added to make a whole week. But if the setting is day, then the $20 will only sit there until it becomes a day rate and then it will roll the paid to date over by one day. (The trouble with that is it puts your paid to dates out of alignment with how the tenant pays.
- Rental Period: Default is Midnight to midnight and should only be changed if the database is solely for Holidays - Then it should be midday to midday.
- Management Policy: DO NOT TOUCH ANY OF THESE NUMBERS