Rent Reduction and Rent Deferral

Below are the instructions for Palace in how to handle the below scenarios.
  1. Rent deferral agreement - $500 per week now $400 per week for x weeks but you pay back that $100 difference later
  2. Rent reduction agreement - $500 per week now $400 per week for x weeks, no requirement to pay back the difference.

The first instructions are how to set up the Custom Fields so you can do a custom view to pull a report on this information easily.

  1. Go to System 
  2. Custom Fields
  3. Click on the Tenancy Tab
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  4. Under Custom Field 1 - Select Text
  5. In the next Column - Type "Rent Deferral"
  6. Now repeat those steps for "Rent Reduction"
  7. Then Save Changes

For Rent Deferral Agreement

Please note: This will show as arrears, so please make sure you have marked them as a deferral tenant, so you do not chase the arrears.

  • Go to the tenant
  • On the side hand side under Payment Type, you will see one that says Custom Fields - Click there
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  • You will see the two choices, Rent Deferral or Rent Reduction
  • Type yes and then a short note. i.e how much for how long
  • Click on Save
  • That is all you need to do for Rent Deferral

For Rent Reduction Agreement

  • Follow the instructions above to select Rent Reduction from the Custom Fields
  • Then scroll down to the Rent Changes area
  • Click on Add 
  • Put in the date it is going to take effect, make sure it matches a rent period
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  • Put in the new rent rate
  • Check the period and click on save.
  • NOTE: DO NOT DELETE ANY OTHER RENT CHANGES
  • If you know when the rent will go back to normal, you can then click on Add again
  • Put in the date it is going to return to normal
  • Put in the correct amount
  • Click on save
  • That will then sit there and stop you worrying about remembering to do it

 

Running A custom view

To set up a custom view to see this information

  • Go to Tenant - Custom Views
  • Click on Create New
  • Name it: Eg. Covid 19 - Rent Changes 
  • Then follow exactly the set up below
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  • To get the rules - you click on add rule
  • Once done, click on Save

To Run the Report

  • Tenant - Custom Views
  • Select the Covid 19 Rent Changes (Or what ever you called it) and click on it
  • You can click on column headings to sort and you can export to a spreadsheet if you want

 

 

 

 

 

 

 

 

 

 

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