The whole point of using property management software to manage your rental properties is to alleviate as much of the day-to-day admin work as possible. Applying rent is one of the most obvious tasks to entrust to your rental software, and ShowHouse makes this very easy so that you can always see up-to-date rental balances with minimal effort.
You can set up rent either at the outset when creating a tenancy, or at any later stage. Often rent may change over time and these changes may be handled in the same way.
Recurring rent is handled by dedicated rent schedules. See full details on how these rent schedules work.
Set up rent when creating a new tenancy
When creating a new tenancy you will define the start and end dates, rental period, and rent value per period. In most cases the rent will simply be applied in line with these dates and values.
For example, if the tenancy is being set up to run monthly from 1st January at £1000 per month, the rent will most likely be due on the 1st of each month until the tenancy ends.
- Go to the create tenancy form by clicking Create Tenancy on the relevant property.
- In the Rent & Charges section, you will be defining a rent value to be applied in line with the rental period in the initial Dates part of the form.
- Leave the default Create and Apply Rent Schedule checkbox ticked.
- Click Save to create the new tenancy.
- This will create a new rent schedule which will take care of applying rent on this tenancy.
Similarly, if you don't want to set up the rent schedule to apply rent just yet, then untick the Create and Apply Rent Schedule checkbox and you can set this up afterwards.
How the system start date affects rent
The system will only automatically apply rent from the system start date. Any periods before that are ignored since they will probably already have been dealt with in another system. If you have rent arrears from prior to the system start date then can be entered onto the tenancy so that the opening balance reflects outstanding rent, and so that this rent may be received onto the new system.
Set up rent on an existing tenancy
If you skipped the step of adding rent when the tenancy was created, you can easily set it up at a later stage. It may also be that the rent is changing, either in terms of the overall rent value or the amount being contributed from a benefit agency or the tenant's shortfall payment.
If there is no recurring rent schedule set up on an active tenancy, a warning will appear to draw your attention to this.
- Go to the relevant tenancy.
- Click on the Rent & Charges > Rent menu, or click List Rent on the tenancy overview page.
- This page shows existing rent schedules, as well as all rent applied to date.
- Click Add Rent to create a new rent schedule.
- Complete the relevant details about how often rent should be applied, how much rent to charge, and who it is due from.
- Click Save to create the new rent schedule.