Rent and Fee Schedule Guide
In this guide, I will show you the importance of the Rent and Fee tab. This section is a brilliant way of seeing what’s coming up in the tenancy and how much each month you will be getting.
Now, one thing to remember is that Rezi PM will automatically every night, generate a rent demand for the next day. So, each night it runs a look up to see what rent is due the next day. If rent is due, then it generates a demand, if not then it moves on.
Each rent demand will be added into this section. Whatever is in the ‘Fees Applied’ section will be deducted from the rent. So let’s say the rent is £1,000 a month and we charge 12% each month then the rent and fee are broken down like below:
So the rent comes in at £1,000 and we’re charging 12%, it’ll work out the VAT as well if you’ve added VAT to the fee. So, it’ll show that we will take £144.00 for us and £856.00 to the landlord.
When this rent is due then it’ll show in the money due in section and we can mark it as the rent being paid. Once paid, then the money due out section will break it down like the above image. Showing us exactly how much to pay the landlord each month.
If the fee’s change or you need to charge and inspection fee on month 6th for instance, then please add the fee in before the rent demand is created. Rezi PM will not know to charge an extra fee if it’s not told to charge so you must add this in.
To generate ad ‘Ad hoc Demand’ please click on the button for ‘Generate Demand’. This will allow you to generate any demand for any period of time. So for example, the tenant has paid 3 months up front. You can generate a demand that extends that period of time. No rent demand will be generated in that period of time as rent is not due. So, on month 4, it’ll be generated as it only covered the first 3 months.
You can also download all of the rent demands past, present and future by clicking on the ‘Download’ button. This will bring all the data in the table to a spreadsheet for you. You can then print this data off or create some excel graphs with if you wish.
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