The Rent & Outgoings page of the Tenancy file contains the templates. The Rent Template sets the amounts and frequency of billing for the tenants rent and other regular charges, such as outgoings that need to be included on the invoice. Outgoings can also be set up as a separate template - see Outgoings Templates.
When loading a new Tenancy, the next due date will be calculated based on the First Payment date and frequency. Automatic rent invoicing only goes forward.
Access the Rent & Outgoings Templates by opening a tenant, and selecting Rent & Outgoings on the left menu:Click on the Amount link on each template to view or edit the details. View more details, and past and future templates using the tabs at the top beside Summary.
The Template contains:
- a Description
- the Payment Frequency, it can be any number of weeks, months or years. For irregular payment patterns set up a Custom Payment Frequency.
- a Reference which appears on the invoice to the tenant
- a total net rent for the period, the image below shows monthly, but this will depend on the payment frequency entered above, all line items not ticked in the template must add up to this amount.
- a calculated annual net rent
- a Rent Type
- an area for notes
- Rent Invoice Template Lines, each with a description, net rate, income code (Tax Type will auto populate to match the account code selected) and a link to the owners ledger or property tracking.
- a Save button to keep any changes, when a rent changes it is recommended to add a new rent template, so that you retain a record of previous rent details
- an button to edit the rent to area allocation
- an Archive button, archived rent templates cannot be retrieved
First Payment Date
For commercial tenancies, if the payment frequency is monthly and the first payment date on your rent template is set to the last day of the month (eg. 28th of February or 30th of April) an option is displayed - 'Always on the Last Day of the Month'. By selecting this, it means all rent invoices generated from the template will always be due on the last day of the month regardless of how many days are in the month. If you select the 31st of January for example, the checkbox isn't shown but this will also automatically set the due date to the last day of the month.
Rent Template Status
There can only be one current rent template at a time, the start date determines the order of the templates and therefore it's status. Click open the sections for Future and Past rents to view the full history of a tenancies rent changes.
Future Rents remain listed as 'Future' until the start date.
The future rent above won't show as current until the start date, but the next invoice will use this template: