Configure default setup

Summary

There are important settings that must be configured. Learn how to configure these settings in Palace.

This article covers:


Configure system policies

This area allows you to configure several important settings related to bond management, audit control, rent options, and overall management policy. This area is permission-based. If you can't access settings, please ask your manager or administrator for help.

  • Go to System > Settings
  • Click on the Policies tab

Settings-policies.png

  • Company:
    • Bond (days) - 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 switched to ON for all Australian clients. NZ Clients have the option, but it should be turned on as it will stop any owner, property, ledger or creditor from being overdrawn
    • There are now 3 options with regard to the strict audit control
      • No - Switched off for the whole portfolio
      • Yes Owner - A property could be overdrawn if the owner has money
      • Yes Property - Properties cannot be overdrawn even if money exists against the owner
  • 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.

    • Charge Letting Fee To - Property should be selected. If you are in an area that can still charge a letting fee to a tenant, then select tenant
    • Receipt Tenancy Invoice "Apply to" Default - When using the Receipt Tenancy Invoice transaction type, you have a choice of where you would like the funds allocated to, i.e. Owners account, Bond Ledger or Fee Ledger. This system setting allows you to choose which one of these options will be your default option. This drop-down will match your system setting when processing a manual "receipt tenancy invoice" transaction. It does not affect anything else
    • Tenancy charge tracking - Yes or No

Note: This refers to tenant debits/invoices. If tracking is turned on, each invoice is kept as a record and tracked. When the tenant pays you, receipt the money directly against the invoice that it refers to.

    • Always charge commission on 'receipt invoice' transactions - You can charge commission on any tenant charges that are created
    • Bank Account Administration Approval Required - This toggle means that if anyone changes or edits any bank accounts in the system, an email will be sent to anyone with administrator rights under the user authorities setting for them to go and approve the change

Note: Learn more about how the bank account admin approval setting works if you're not 100% sure about it.

  • Rent Options
    • Calculate paid to - The default setting is period (This is the preferred choice), and the other choice is Day - i.e. if a tenant pays more than a week's 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 - The 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
    • Next receipt number - 
    • Last month transaction number -
    • Last bank transaction number -
    • Last audit transaction number -
    • Bank reconciliation batch number -
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