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 explain what the Effective Paid to Date is when it comes to managing leases/tenancies, how it calculates the up-to-date payment status of a lease/tenant, and the step-by-step guide on enabling this useful feature in your account settings. Understanding the Effective Paid to Date ensures that you can accurately monitor rental payments and stay informed about the leases/tenant's payment standing.
What is Effective Paid to Date?
The Effective Paid to Date represents the latest date until which lease/tenant rent payments are considered current. This includes all rent payments that a lease/tenant has made, regardless of whether they are full or partial. This date serves as an important indicator of the lease/tenant's payment status and aids in managing financial records for leases/tenancies.
Enabling Effective Paid to Date
Activating the Effective Paid to Date feature in your account involves a few simple steps:
- Navigate to the Manage Companies section found under Settings.
- Scroll down to locate the Option Features section.
- Toggle the setting to 'Yes' to enable the Effective Paid to Date feature.
Please note that the history of Effective Paid to Date will not retroactively apply to leases/tenancies. The date will start appearing for a leases/tenancy after enabling the feature and processing subsequent payments.
Where to Find the Effective Paid to Date
After enabling the feature, the Effective Paid to Date will be displayed in the following areas of your account:
- Detailed Commercial Owner Statement: Note that other owner statement formats do not include the Effective Paid to Date.
- Lease/Tenancy > Summary: A snapshot view including the up-to-date payment status.
- Lease/Tenancy > Rent & Outgoings/Service Charges: Detailed financial records regarding rent and other charges.
- Lease/Tenancy History: Record of transactions and changes within the lease/tenancy.
- Lease/Tenancy Preview: A quick overview of key lease/tenancy details.
By monitoring the Effective Paid to Date in these sections, you can confidently manage lease/tenancy agreements and maintain accurate financial oversight.