Post Rent to the Ledger
The following steps are provided to streamline the process of posting Rent Received from a Resident into the Property Ledger of an Owner's Account.
Click here to Learn how to Post Standard Rents in Bulk, used at the beginning of the month.
Click here to Learn how to Post Paylease Rents in Bulk, used at the beginning of the month.
Note: See the most commonly used codes sheet.
Stop Daily Late Fee Accrual
In the Tree View:
- Expand ACCT Receivable
- Select Late Fees from the Drop-down list
- Find Property to process funds for. (The list of properties is organized alphabetically by the street name)
- Select Stop Daily Late Fee Link
- A confirmation pop-up will appear; Select OK to stop the ongoing calculation of late fees to the Resident Receivables section on the Property Ledger
- Click on the Ledger link for the property to process funds for.
Note:
**You will notice that each of the Residents are color coded as denoted by the status legend
- Yellow indicates that Rent has not posted in a Month
- Orange indicates that Rent has not posted in 2 Months
- Red indicates that Rent has not posted in 3 months
- With Pink showing that a Partial Payment was received
Alternatively; Open the Property Ledger from the Ledger List
From the Tree View:
- Expand ACCT Receivable
- Select Ledger from the drop-down list
- Search for the Property by entering in the Street Name of the property address
- Then click SEARCH
- Select Property Ledger Link
Credit the Account with the Rent
From the Property Ledger Screen:
Under the section for Pending Transactions
- Checkmark the Apply box for the line item to post the Rent (code 101- rent to property) to the ledger.
- Select the POST*
* This action will post all check-marked items to the Income side of the Ledger.
Debit the Account for the Management Fee
From the Property Ledger Screen:
Under the section for Expense
- Select the Expense Code (code 201 - Management Fee) from the drop down list
- Select the Company Operating Account Name from the Vendor drop down list
- Enter the Amount of the Management Fee* for the Rent from the Holding Deposit
- Then, click POST
*Confirm the Commission Rate (i.e. Management Fee) from the bar below the address at the top of the page.
Process 3 Day Posting & Late Fees
Post items from Pending Receivables Section on the Property Ledger
From the Property Ledger Screen:
Under the section for Pending Transactions
- Checkmark the Apply box for each line items to post to the ledger.
- Select the POST*
* These items will post to the Income side of the Ledger.
Charge the Proper Expense Code for each Pending Receivables Post
3 Day Posting Charges
From the Property Ledger Screen:
Under the section for Expense
- Select the Expense Code (code 228- 3 day posting fee) from the drop down list
- Select the Company Operating Account Name from the Vendor drop down list
- Enter the Amount of the Late Fee* owed to the management company
- Then, click POST
*the Posting Fee is owed to the management company per the owner's management agreement and therefore 100% of the amount of funds collected as the 3 day posting fee and credited (income) to the owner ledger is then debited (expense) from the owner ledger to the management company vendor account .
Late Fee Charges
From the Property Ledger Screen:
Under the section for Expense
- Select the Expense Code (code 222- Resident - Late Fee Charge)* from the drop down list
- Select the Company Operating Account Name from the Vendor drop down list
- Enter the Amount of the Late Fee** owed to the management company
- Then, click POST
* Late Fee Income Codes
- (code 121- resident late fee)
- (code 139- daily auto late fee )
- (code 152- daily late fee)
**the Late Fees are split between the owner and the management company having been agreed to in writing within the owner's management agreement as being 50% of the amount of funds collected as late fees.