In Asia-Pacific and Europe, the terms "Arrears" and "Tenants" are prevalent. However, in North America, these are typically known as "Delinquency" and "Leases." Also, the concept of a "Trust Accounting" in Asia-Pacific equates to a "Client Accounting" in Europe. It's important to mention that the Client/Trust Accounting functionality does not apply to customers in North America. For further details on terminology differences, please reference our Glossary of Regional Terminology.
This article will guide you through the process of raising invoices for future rent. Rent invoices have unique functions, such as being tied to specific time periods which are essential for accurate reporting and managing arrears effectively. By mastering this process, you'll be able to ensure your financial records are precise, and tenant communications are timely. Let’s dive into the step-by-step process to take control of your future rent invoicing.
Rent Invoicing Overview
Rent invoices are distinctive as they can be associated with a rental period, which is necessary for correct arrears management and reporting. Unlike other income-related invoices, these can only be created in the Rent section of the Leases/Tenancies module.
Typically, rent invoices are generated automatically according to the current Rent Template settings. However, several factors can affect this automation, such as:
- Company Settings regarding the generation of advance invoices.
- Default Invoice Options specified within each Lease/Tenancy.
How to Raise Future Rent Invoices
Following the below steps will help you create future-dated rent invoices:
- Navigate to the Lease/Tenancy and select Rent & Outgoings from the menu on the left.
- Use the Generate Next Rent Invoice button to create future invoices sequentially.
- If needed, select Generate One-off Rent Invoice to create invoices for any other dates. See Raising Invoices for Past Rent.
- Before finalizing, you can preview the details of the upcoming invoice that is set to be generated.
Note: Invoices generated with the Generate Next Rent Invoice or Generate One-off Rent Invoice buttons will not be sent automatically to the lease/tenant. To email the invoice, click Email PDF after the invoice is generated, or take advantage of the Bulk Actions functionality for efficiency.
By adhering to this process, you'll be able to manage future rent invoicing with ease and ensure your financial tracking is both proactive and precise.