Tenants - Pre-Payments

If your tenants have pre-authorized payments to be sent directly from their bank or have given you postdated checks to be applied to their account, you can automate their application very easily using the Banking – Receipts – Rapid Entry program. In order to do this, the information must be entered on the Tenant – Pre-Payments screen.

To edit an existing pre-payment, drill down on the pencil to the left of the building name on the line of the pre-payment that you wish to edit. To add a new pre-payment, click on the Add button.

Post Dated Checks/Cheques

Lease Building/Unit:

The system will default the first unit this tenant has, but you may select a different building/unit if the tenant has multiple units.

Starting Date

Enter date of first check and all subsequent checks must be for the same day of the month.

Payment amount

All checks must be for the same amount.

Number of Postdated Checks

The number of Postdated Checks will include the one for the starting date.

Date of Last Posted Payment / Checks Remaining / Date of Last Check on Hand

The system will update this information each time you post the Receipts – Rapid Entry.

History

If you want to stop the postdated checks before the tenant moves out or before the Last Check on Hand, mark this tenant as History, so that the system won’t process any more checks.

Pre-Authorized Payment

This functionality requires the purchase of the Pre-Authorized Payments Module. If you are interested in licensing this module, please contact your Sales Account Manager.

Users with Inquiry Only access to prepayments will not be able to view banking information for a tenant with prepayments setup. The banking information on the prepayments screen will be blocked with a label indicating the user has Inquiry Only Access.

Lease Building/Unit:

The system will default the first unit this tenant has, but you may select a different building/unit if the tenant has multiple units.

Starting Date

Enter date of first pre-authorized payment

Payment based on Tenant Share

Defaults to 100%, but if rent is split amoung roommates, enter the % share for each roommate.

If you have multiple tenants in one unit, set up multiple pre-authorized payments to record each tenant’s portion of the rent. Only the main tenant’s name shows at the top of the screen, so we suggest that the Bank Name be modified to record the specific roommate.

Tip: Because of rounding issues, we suggest that all percentages be entered to 6 decimals places, e.g. 33.333333%, even though only 2 decimal places actually display. After running the process, check that the total from the roommates equals the full rental amount, as penny adjustments may be required.

Ending Date

Enter a date to automatically stop the Pre-Authorized Payment. Leave this field blank if no ending date is currently known.

Name on Account if Different than the Tenant Name Above

This field has been added because the tenant on the lease may not be the payee of the rent, i.e. a roommate or relative.

Bank Name / Bank Transit Number / Bank Account Number

Below are samples of the typical MICR line from the typical US and Canadian banks. Yours may be slightly different, contact your financial instution if you are not sure.

Bank Name

Enter the name of the tenant's bank.

Bank Transit Number

Enter the Routing Number from the bottom of the check.

Bank Account Number

Enter the tenant's bank account number from the bottom of the check

Do not enter the symbols and dashes.

Bank Transaction Code

The default description code is 400 Rent/Leases, but you may select an alternate code for condo owners or other types of payments.

Apply this payment to specific charge code

This optional field enables you to specify that payments are to be applied to specific charge codes. If the tenant has multiple outstanding charges for the code specified, the system will apply the payment to the newest charges first.

Important Note: If you select the option to "Apply this payment to specific charge codes" but don’t select any charges codes and the rents increase, the Pre-Authorized Payments Update program will not update the pre-authorized payment.

The Pre-Authorized Payments Update report will show the tenant with the important note that "no update performed." In this case, the PAD amount would remain unchanged and you would need to update the Pre-Authorized Payments amount manually.

Date of Last Posted Payment

The system will update this information each time you post the Receipts – Rapid Entry.

History

If you want to stop the Pre-Payments for any reason, mark this tenant as History, so that the system won’t process any more pre-authorized payments.

Tip

You may set up multiple pre-authorized payment records and designate one of them to be for a limited period to be applied to specific charges, e.g. Special Assessments.

Report

To obtain a listing of tenants with pre-authorized payments or postdated checks, go to Tenant – Select a Report - Tenants – Pre-Payment Listing.