Overpaid Rent into a Holding Ledger - How it works

There was two ways to handle overpaid rent in Palace:

1) receipt the rent as normal and it will go against the Property, the owner will be paid the amount they are due and the rest will be put on keep back until you refund to the tenant. This will show on the Owners statement as a keep back for overpaid rent.

2) Receipt the rent as normal and the overpaid amount will be moved into a holding ledger called Overpaid Rent. This record is held against the tenant so it can be refunded, but nothing is held or shown against the owner    Explanation below

  • It is all based on the vacate date.
  • The vacate date is entered in.
    Sometimes the tenant has already paid past the vacate date, if that is the case the following will happen:
  • A pop up will appear, letting you know that some money may have alreadybeen paid past the vacate date, the system will try to recover the money from the owner (if the owner has a balance) and put in the overpaid rent ledger.
  • If there is no money against the Owner, the system will put a keep back against the property so that all money is kept back until the owner has enough to refund the money.
    Vacate_date_pop_up_overpaid_rent.png

Note: The process may take a while, the system has to go back in and look at the record.

 

Otherwise the tenant will pay as normal up to the vacate date, if they do not adjust their final payment or forget to cancel their rent payment, this will be receipted and recorded as overpaid rent. The system will now handle is as follows:

  • The rent is receipted, the system notices that there is a vacate date
  • It works out what amount of money will be overpaid, some or all, when you process the rent it will create two receipts.

One to the rent record and the money to the owner

Second one to the Overpaid Rent Ledger
Rent_overpaid_1.png

If you are importing a bank statement, the same process will occur but behind the scene. The money is receipted and moved to owner and the ledger or just the ledger.

 

The tenancy details report is a good place to check and it will show as below

 Rent_overpaid_2.png

 

 Please Note: If you go back into the tenancy and remove the vacate date. The system will check if there is any money being currently held in the overpaid Rent Ledger. If there is, you will get a pop up telling you to handle that first. You must go and do this. This will mean reversing that money out of overpaid ledger and back into the tenancy. 

 

Bank Import

This will work in the background, all receipts will be processed but those with overpaid funds will be receipted into the Overpaid Holding Ledger. There is no alert or Pop Up, this is because, for, large companies, where a alert or Pop Up would hold up receipting.

 

 

 

 

 

 

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