Overview
Credits are used to reduce the balance of any charges posted to a tenant's lease. These can be used to discount rent for a month, for instance. If you need to issue credit for more than a month or for some other frequency of time, a recurring lease credit can be used to give a multiple-month rent discount with an end date or a continuous credit that runs until the end of the lease.
The Steps
To issue a recurring credit on a lease, click Leasing on the main menu and then click Active Leases.
Find the lease for which you want to issue a recurring credit and click on it.
Click on the Rent tab and then click the Recurring Credit button.
On the Recurring Credit window, enter the following information:
Start date: set the date you want the recurring credit to begin.
End date: by default, the checkbox for Repeat until the end of the lease is checked, but you can deselect this to enter an end date for the recurring credit.
Frequency: set how often you want the credit to occur on the lease. (For example, a monthly recurring credit will be posted every month on the same day of the month as the start date.)
Category: choose the account category for the recurring credit.
If you are reducing rent for a one-time discount or writing off rent you won't be collecting, choose Revenue > Rent.
(This reduces the tenant's balance and the amount of rent revenue you collected on your Profit and Loss report. You can also do this for Late Fees or any other revenue account.)
If you are paying a tenant for services rendered by reducing their rent charge, you can choose an appropriate expense account for the credit.
(This will show that you reduced the tenant's balance and will offset the revenue collected by increasing the expense account to record this expense transaction on the Profit and Loss report.)
Description: enter an optional explanation for the credit. (What you enter here is what the tenant will see on their lease ledger in the tenant portal. If you leave it blank, the tenant will just see the word “Credit.”)
Amount: enter the amount for the credit.
Add Line Item: use this link to add additional credit items if needed. (You could also create separate credits for each line item.)
Add Memo: add an optional note for your reference when reviewing the credit later.
Add any relevant files (optional) and click Save.
You’re finished! This new recurring credit will begin adding credits to the Transactions tab of the lease when it is scheduled to start. You can add as many recurring credits as you need. You can also edit recurring credits if necessary.
Tip: If you set the recurring credit start date as today's date, you'll need to wait a few hours for the system to post the credit later in the day.