This topic discusses the common things to do surrounding rent. Your individual requirements may vary depending on local rules and generally accepted practices. If you're not sure, seek out the advice of your accountant or real estate commission.
- Charge for rent
- Setting up your ledgers for the first time. see "Entering beginning tenant and association owner balances"
Charging for rent automatically. see "Tenant recurring charges"
When you enter this charge, use rent income. When you move in a tenant or create a lease for the first time, the software automatically sets up a recurring charge that begins on the 1st of the following month.
Charging for prorated rent. see "Tenant charges"
When you enter this charge, use rent income. Buildium does not offer a calculator for prorated rent. If you're allowing a tenant to move in early and need to charge for a partial month, figure out the total owed and add the charge manually.
- To handle last month's rent, see "Last month's rent lifecycle"
- Receiving payments for the rent
Receiving a payment for rent in the office. see "Tenant payments"
When you record the payment, use rent income.
Receiving a payment for last month's rent in the office. see "Last month's rent lifecycle"
- If the tenant pays the rental owner and you never touch the money, see "Recording a tenant payment made directly to a rental owner"
Rent discounts see "Tenant credits"
Choose rent income in the credit. Why? When you issue the credit, you'll want to choose Rent income. Let's say the tenant repaired something for you. You're giving them a one time credit on their rent because they fixed something. The urge to pick "Repairs income" might be powerful, but it's best to resist the urge and choose "Rent income" instead.
- Subsidized payments from a housing authority. see "Tracking Section 8 payments"
Deposit the money in a bank account. see "Bank deposits"
- Giving money back to the tenant:
Refunding an overpayment of rent to the tenant. see "Tenant refunds"
When you issue the refund, use rent income.
Giving money back to the tenant because they paid for something.
First, give them a credit for rent. See above for instructions. Then, issue a refund.
- Issuing a refund for last month's rent. see "Last month's rent lifecycle"
Using the cash in the bank after the rent has been paid.
Common reports that deal with rent
- Every lease has its own lease ledger. see "Lease ledger"
- To see who still owes money, try the Outstanding balances page under the Rentals menu or the Delinquent tenant report. see "Delinquent tenants report"
- Use the Rent Paid report to see who has paid already. see "Rent paid report"
Rent roll see "Rent roll report"
This report's Recurring Charges column will show all charges that are automatically added by the system, including rent.
For monthly reporting to your owners, use the Rental owner statement. see "Rental owner statement"