A recurring lease credit reduces the balance your tenant owes without actually collecting payment. You can use recurring credits to give a multiple-month rent discount with an end date or a continuous credit that runs until the end of the lease.
From the main menu, select Leases < Active Leases.
Find the lease you want to add a recurring credit for, and click on it. You can either sort the list by the various columns and filters or use the Search leases search bar.
Click on the Rent tab and then the New Recurring Credit button.
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 post every month on the same day of the month as the start date.
Account: choose the account for the recurring credit.
If you are reducing rent for a recurring discount, you will choose Rent. This reduces the tenant's balance and the amount of rent revenue you collected on your Profit and Loss report. You could 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 actually 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.” You will also see it in the “Memo” column in relevant reports.
Amount: enter the amount for the credit.
Add Line Item: use this link to add additional credit items if needed.
Add note: 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.