Collecting payments, like rent or late fees, is essential to the success of your business.
In this article, you'll learn how to:
To show that a tenant payment has been received, you'll want to update the lease ledger.
The lease ledger shows all of the charges and payments a resident makes. Many of the charges will appear in the lease ledger automatically. These are things like rent, which is set when a new lease is created, or late fees, which were set during the guided setup. You can also add new charges to the lease ledger at any time.
Updating the lease ledger to show that a payment has been received is important because it allows you to keep track of delinquent tenants and enforce and automate your late fee policy.
To receive a tenant payment:
- Type the resident's name into the search bar and click Lease ledger next to the resident's name.
- From the lease ledger, select Receive payment.
- Complete the form. Adjust the date so it reflects the actual date you received the payment in hand. This is important to avoid any late fees being charged to the resident. We also recommend completing the memo field with as much information as possible.
- Select Save payment. You will see the resident's payment reflected in their lease ledger balance.
You can receive tenant payments in bulk, whether the tenant has paid their balance in full or made a partial payment.
To receive payments in bulk:
- Navigate to Rentals > Outstanding balances.
- Here, you can view all outstanding balances as of today's date.
- Check the box next to all of the payments you've received in full.
- Click Receive payment(s) at the bottom of the page, and fill out the form for each payment. You can update the date, payment method, and amount of each payment.
- When you're ready, click Save.
A recurring payment is an automated posting mechanism that shows money paid from a resident based on a pre-set frequency.
- Florence pays us for monthly parking, on time, every time; I set up a recurring payment to show these payments.
- Joey has never missed a payment in 10 years; I trust him, and have set up a recurring payment for convenience.
To set up a recurring payment for a tenant:
- Navigate to Rentals > Rent roll.
- Click the name of the tenant you'd like to add a recurring payment for.
- From the lease summary page, click the Financials tab.
- Click Recurring transactions, then Add recurring payment.
- Complete the form, including payment information, frequency, and amount.
- When the form is complete, click Add recurring payment or Add another recurring payment.
After you've received a tenant payment, the next step is to record that payment as deposited in your bank account in Buildium.