How to Setup Tenant Invoice Credit Feature
The Tenant Invoice Credit feature introduces a tenant ledger to manage advance tenant payments. This ledger controls the funds kept in credit, and ensures that they are not incorrectly paid out to owners as rent.
The feature will enable you to reduce time spent on debt collection for items such as water rates as tenants will be paying in advance. You will also be able to easily account for funds in credit through new reports and on screen prompts included with this enhancement.
Activating the Tenant Invoice Credit Feature
Note: Ensure that the legislation in your state allows receipting of unallocated funds from tenants before activating and using this feature.
The Tenant Invoice Credit feature must be activated in System Options by a user with the highest security level (Statistics/Company Details/Passwords & Above):
- Ensure all other users are logged out of REST.
- Click Other > Utilities > System Options > Transactions Tab.
- Select the checkbox for Allow Tenant Invoice Credits.
- Click OK to save the change to System Options.
- Click Yes to confirm the Tenant Invoice Credit feature should be turned on. A new internal account for Tenant Invoice Credit is created (AAINVCRED).
When the Tenant Invoice Credit feature has been set up, funds received from Tenants for future tenant invoices and overpaid rent can be receipted through the Rent Receipts screen and allocated the through Transactions > Allocate Tenant Invoice Credit.
For more information, click the links below to view other articles on how to use the Tenant Invoice Credit feature.