A credit is a financial transaction that reduces the amount of money owed by a resident without increasing a bank balance or accepting payment.

A recurring credit is an automated posting mechanism that posts a credit for a resident based on a pre-set frequency.

For example:

  • Harry gets $50 off if he pays by the 1st of the month. I've set up this discount using a recurring credit.
  • Francine negotiated a better rate, so I've put in place a recurring credit on her ledger to represent this discount.
  • Louis landscapes all the yards on our properties, and therefore I put a recurring credit on his ledger to represent this work in exchange for a lower amount owed.

Add a tenant recurring creditShowHide

  1. Navigate to Rentals > Rent roll.
  2. Click the name of the tenant who you want to add a recurring credit for.
  3. From the lease summary page, click the Financials tab.
  4. Click the Recurring transactions link, and select Add recurring credit.
  5. Complete the form.

    If the last day of the month is selected and the recurrence information is set to monthly, then the software will automatically increment to the last day of next month. For example: January 31 increments to February 28 which increments to March 31.

  6. Click Save recurring credit or Add another recurring credit

 

Edit a tenant recurring creditShowHide

  1. Navigate to Rentals > Rent roll.
  2. Click the name of the tenant you want to edit a recurring credit for.
  3. From the lease summary page, click the Financials tab.
  4. Click the Recurring transactions link, then the date of the recurring credit you want to edit.
  5. Click Edit recurring credit and make your changes.
  6. Click Save recurring credit.

Delete a tenant recurring creditShowHide

  1. Navigate to Rentals > Rent roll.
  2. Click the name of the tenant you want to delete a recurring credit for.
  3. From the lease summary page, click the Financials tab.
  4. Click the Recurring transactions link, then the date of the recurring credit you want to delete.
  5. Click Edit recurring credit, and click the trash can icon to Delete recurring credit.

 

Article #: 112520

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