How to create a Tenancy in 4 Easy Steps and remedy mistakes in the process

As part of the process of adding a tenancy you will be creating

  1. Recurring rent charges for your tenancies, payable by the tenant
  2. Opening balances
  3. Non tenancy recurring charges payable by the property owner

 

Tenancy workflow shown below.

Step 1 – Tenancy Details:

Go to Tenancy>Add Tenancy>choose your unit

  • Choose Tenancy type
    • 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 . We advise that you start Start you recurring from the next collection date. For example if the tenancy starts on the 30th November , start the recurring from the 30th December and use page 4 to add first months rent.

* 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 to build the opening statement. This should include the first months rent
  2. Registered deposit – Very important to include here
  3. Non tenancy recurring such as management fees payable by owners

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

 

Creation of the opening statement

 

Registered deposit statement

 

How to remedy things after

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.

 

 

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