How to Enter a Rent Increase in REST Professional
REST allows you to enter a rent increases recorded against Tenant Details that will take effect on a future date.
If the rent increase does not fall on the anniversary date of the rent (i.e. the pay date cycle) from Version 12 REST will now generate an invoice to the tenant for the rent increase shortfall from the change date to the tenants anniversary date.
- Go to Files > Tenant details > Reneg/Inspect Tab and enter the details of the rent increase as follows:
- New Amount – Enter the new rent amount that the rent will increase to
- Change Date – Enter the date that the rent increase will take effect. If this is not the anniversary date of the tenant you will receive
- New Period – Enter the frequency of the rental payment (i.e. Weekly W1, Fortnightly W2, Monthly M1)
- Reneg Approved – This is an optional field. You may wish to enter a date in this field to keep a record of when you received approval from the owner to increase the rent
- Last Amount – Do not enter anything in this field. This self populates once the rent increase takes effect. It will populate with the amount previously on the rental tab (The old rent rate prior to the increase)
When entering the change date, if this does not fall on the anniversary date for the tenant the following message will appear. Click OK to the message, REST will change the rent increase on the next anniversary date; however will provide you with an option to invoice the tenant for the rent between the change date and the anniversary date.
- Click on OK-F12 on the tenant card after all the relevant information has been entered and this will save the rent increase information.
- If the rent increase you have entered is not on the tenant’s anniversary date and you received the above message, it will now prompt you to create an invoice for the tenant fro the rent increased between the increase due date and the anniversary date.
- Click on Yes to this message
- You will then be prompted to move the previous Rent Review Date to the Last Rent Review Date.
- Click on Yes to this message. This will move your Rent Review date into the Last Rent Review field.
- The invoice will now be produced for the rent due from change date to the anniversary date as follows:-
- All fields will self populate
- The Description is clear as to the rent shortfall due and the date range
- The account code is for rent
- The Management fee automatically generates the fee as recorded on the property card
- The due date will not be until the increase is due
- Funds will be paid to the owner when this is receipted
- If you print or email your invoices, tick the relevant boxes to do this and then click on OK-F12 to save the invoice.