How best to set up tenancy financials when handling supported tenancies

This article is linked to creating analysis codes

This article suggests the best way to handle tenants in social housing where rents can come from various sources. We suggest setting up various analysis codes to handle these complicated statements.

In this scenario we will look at a tenancy where there are 3 areas of transactions.

  1. Services charges
  2. Housing benefit
  3. Housing benefit claw backs

The analysis codes created will include charges and receipts all to be viewed on the tenancy statement,

Charges

  1. Debit the tenancy statement (charge the tenancy)
  2. Credit the tenancy statement (credit the tenancy)

Receipts

  1. Debit the tenancy statement (refund the credit to the tenancy)
  2. Credit the tenancy statement (receive money)

Service charge analysis codes

There are 4 codes to be created to handle service charges

  1. Service Charge (Charges)
  2. Service charge credit (Charges)
  3. Service charge payment (Receipts)
  4. Service charge refund (Receipts)

1. Service charge 

This a charge made to the tenancy statement to charge the tenant for service charge.

 

2. Service charge credit 

This is a negative charge used when for instance there is an over payment.

3. Service charge payment 

This s a receipt of money allocated to the service charge

4. Service charge refund 

This is the  payment of credit back to the tenant

Housing benefit analysis codes

These are to handle housing benefit payment. the codes are set up as above and include

Charges

  1. Housing benefit rent  is a charge made to the tenancy statement to charge the tenant to reclaim funds
  2. Housing benefit credit  is a negative charge used when for instance to much money has been paid in

Receipts

  1. Housing benefit  payment  is a receipt of money allocated to the rent charged

Housing benefit claw back analysis codes

This is to handle claw backs by housing benefit. The codes are set up as above and include

Charges

  1. Housing benefit rent claw back  is a charge made to the tenancy statement to charge the tenant to reclaim funds
  2. Housing benefit rent claw back credit  is a negative charge used when for instance to much money has been clawed back

Receipts

  1. Housing benefit claw back payment  is a receipt of money allocated to the claw back charge
  2. Housing benefit clawback credit  is a payment of credit back to the tenant

Recurring charges

Two recurring charges will exist for this tenancy

  1. Service charge
  2. Housing benefit rent

Rental statement

Will display all nominal codes on one statement so its easy to see where there are arrears or over payments

Allocating Payments and charges

This shows how a service charge payment  is allocated to a service charge within a transaction screen.

 

Reporting

Reports can be created to analayse individual nominal codes

 

 

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