Terms such as 'Arrears' and 'Tenants' are commonly used in the Asia-Pacific and European regions, while in North America, the equivalent terms are 'Delinquency' and 'Leases'. For clarity and consistency within this article, we will use 'Arrears' and 'Tenants'. For more information on regional terminology differences, please visit our Glossary of Regional Terminology.
This article offers a detailed walkthrough on harnessing the Arrears Hub to efficiently manage overdue payments and send notices to tenants. By automating arrears management, you'll be better equipped to maintain up-to-date financial records and take timely action on unpaid invoices. We'll guide you through each step to help you navigate and utilize the Arrears Hub effectively.
Navigating to the Arrears Hub
To access the Arrears Hub, navigate to the Dashboard to locate the Arrears Tile.
Understanding the Arrears Hub
The Arrears Hub provides a comprehensive overview of all tenancy-related arrears, allowing you to efficiently send notices and take action. Here's a breakdown of the key elements within the Hub and how they contribute to managing arrears:
- Bank Statement Status: Displays the last imported statement's date and time, highlighting any transactions or unreconciled statements. This helps to ensure that all rent payments are accounted for.
- Tabs: A multi-tab interface organizes arrears by age. You can customize the frequency of these tabs to suit your preferences in the User Settings.
- Filters: Choose to display arrears based on company, property manager, owner, arrears rules, and specific expense accounts.
- Tenancy Ledger Balance: Indicates the available balance for each tenancy, with trust account companies being able to view this directly from the Hub.
- Unallocated Credits: Displays any credits not yet applied to invoices, allowing for quick allocation and resolution.
- Tenancy Information: Summarizes key details about the tenancy, such as the name, address, area, and associated arrears.
Actionable Items in the Arrears Hub
The following actions can be taken within the Arrears Hub:
- Dismiss Action: Opt not to send an arrears notice for particular cases, with the ability to revisit this decision later.
- Action Arrears: Proceed to send an arrears notice to the tenant by navigating through the Arrears Correspondence page and confirming details.
Completing Arrears Correspondence
On the Arrears Correspondence page, you can confirm contacts, delivery methods, and include necessary attachments. Be sure to review all selections before clicking Complete.
Setting an Arrears Status
To quickly identify the reason behind a tenant’s arrears at a glance, you can set an Arrears Status. Here's how:
- Navigate to the Tenancy Details tab of the related Tenancy.
- Select an Arrears Status from the dropdown menu.
- Click Save to apply the status, which will then be visible in the Arrears Hub and relevant reports.
Utilizing Notes within the Hub & Reports
Keep track of important tenant information by attaching notes to their arrears profile. You can add, edit, or view these notes by selecting the relevant link within the Hub. To define which types of notes appear in the Hub and reports, adjust your settings under Settings > Note Types.
After completing these steps, you'll receive an email notification regarding the generated correspondence and a summary of all notices sent.