How to Create a Tenancy in 4 Easy Steps and remedy mistakes made in the Process

 

Adding a tenancy

Step 1 – Tenancy Details:

Go to Tenancy>Add Tenancy>choose your unit

Choose tenancy type

  • Residential
  • Commercial
  • Short stay
  • Long leasholder

Choose Tenancy status

  • Prospective – pre-approved tenancy
  • Approved – approved tenancy
  • Current – tenancy within the terms of the contract
  • Periodic – tenancy on a rolling contract
  • Ending – tenancy ending/moving out on a specific date
  • Past – tenancy that`s finished
  • Rejected – tenancy that never happened
  • Ensure the status is correctly chosen linked article on understanding the tenancy status
  • If there is more than one tenant use dropdown
  • Dates are the contract dates

 

 

Step 2 – Financial Details:

This is for information ONLY at this point it does NOT create any transactions.

Step 3 – Tenant Details:

At this stage of the process its about rent collection .

 

 

The start collection date is by default the next collection date (future date). If you want to chnage the deafult position go to settings>tenancy settings

The options are

  • Start of the tenancy – This will lay in chrages going back to the start of the tenancy
  • Next collection date – Future date
  • Not defined

* If you selected more than one tenant from page 1 Arthur will split the rent. If this needs correcting make the correction here by adjusting the amount and deleting the other recurring

* We advise you put 7 in the days in advance box to ensure the rent is created before the due date*

Step 4 – Charges

At this point you are creating;

  1. One off transactions payable by tenants or owners (a move in statement for new tenancies or when adding existing tenancy`s these will be opening balance or liabilities)
  2. Property owner recurring fees (used by agents only)

This is linked to to  How to Specifiy Default Tenancy Transactions Types when Creating a Tenancy

 

Results of this 4 stage process

  1. Creation of the recurring charges
  2. Creation of tenancy statement. This is linked to creation of a move in statement 
  3. Creation of a deposit statement

 

Creation of recurring

Tenancy>recurring charges

 

Creation of the opening statement

tenancies>statements>tenant rent statement

 

Registered deposit statement

tenancies>statements>tenant deposit statement

 

How to remedy mistakes

Recurring Charges

Add Recurring Charge or Edit recurring charge:

 

 

Additional transactions

Statement >Add Transaction

Void created transactions

Grace days or Days in advance

Then go to Recurring Charges>Select Grace Days OR Days In Advance

From this screen you can then specify further details of your recurring charges. ‘Grace Days’ is a feature which tells the system that you have pre-arranged for your tenant to pay their charges at a later date. The ‘Days in advance’ feature tells the system to give your tenant a reminder on an upcoming payment a select number of days before the payment is due.

 

 

Summary

 

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