Tenant fees and expenses can be applied for a number of reasons, including:
- Late payment of rent.
- Property damage.
- Application fees for agreeing to place a tenant in a property managed by the letting agency.
- Holding Deposits
To apply a tenant fee or expense the followed steps should be adhered to:
- From the main menu select Tenants > List Tenants.
- Double click on the tenant you wish to apply the fees or select Action "Edit" (pencil icon).
- Select the Fees tab.
- Click on the [add fee] link.
- Indicate whether a Fee or Expense is to be applied. Note that a Fee is revenue generating for your business (and will attract VAT is your business is VAT registered), whereas an Expense is simply a cost that you wish to pass on to your tenant.
- Supply the required fee information. (Note that it is possible to record that the associated payment has already been received at this stage.)
- Click on the [add] link.
Note that the following fields must be supplied:
- Date (the date on which the fee was incurred or applied)
- Fee Type (select from the drop down list)
- Property (only required when fee type is either 'Holding Deposit' or 'Holding Rent')
- Description (only required when fee type is 'Other')
If payment of the fee or expense is also recorded at this stage (by checking the 'Payment Received?' option), then the following fields must also be supplied:
- Bank Account (the account into which the collected monies will be paid)
- Medium (how the payment was made, e.g. cash, cheque, etc.)
When applying a tenant expense, the 'Income Recipient' selection will default to 'Agency'. To pay this expense to the landlord, select 'landlord' as 'Income Recipient' then select the property the expense relates to. When payment is recorded for this expense, RentPro will automatically apply this to the landlords account.