Recurring Items
The recurring items panel is to be used to create recurring tenancy transaction items. For example, Parking charges, Utility charges, Cleaning charges or Service Charges. Recurring Items will automatically be added to a tenants rent schedule.
NB. Recurring Items are NOT used to generate a rent schedule.
Recurring Items panel at organisation level: Here you can create items for any property and any tenancy.
Recurring Items panel at property level: Here you can create items for any tenancy within that property.
Adding a recurring item
To add a recurring item first choose a property and a tenancy from the drop down.
About the recurring charge
Here we can choose the starting from and continuing to dates and the type of item we’re creating.
Starting from > Same as tenancy: This item will start on the tenancy start date.
Starting from > Let me pick: You can pick a start date for the item.
Continue until > The end of the tenancy: The item will continue until the tenancy ends.
Continue until > Let me pick: You can pick an end date for the item.
Type > Rent: Should reflect the contract agreement in place. See also Rent Schedules & Rent Collection.
Type > Other: For utility bills, parking charges, service charges etc.
Who earns the income? > Property Owner: The property owner will earn the income.
Who earns the income? > You: Your organisation will earn the income directly from the tenant.
Optional description: The description is optional and if left blank will have the default value of 'Rent' or 'Other'.
Item Details
Here we can choose the frequency of the item, the amount of the item and if the item is a charge or a credit.
Repeat: Here you can use the drop down menu to select how frequent the recurring item is generated. Options include; monthly, weekly, quarterly and annually.
On the: Will allow to select which day of the month or day of week.
Days in Advance & Pro-rata
We'll create transactions so that tenants can easily see their future charges. This is also useful for matching rent payments tenants have made in advance.
Monthly Specific: Pro-rata calculation will use the days in that specific month that the pro-rata period falls.
Yearly Specific: Pro-rata calculation will use the industry standard method of monthly rent* 12 months /365 days.
It is strongly recommended the specific method you intend to use be included in the tenancy agreement to avoid any disagreements or disputes.
Preview
You can then ‘Preview’ the item, you can ‘save’, ‘cancel’ or go ‘back’ to make any changes.
Click ‘Continue’ to return to the Recurring Items panel.
By clicking ‘view’ we can see all information relating to the Recurring Item.
Here we can ‘edit’, ‘review rate’ or ‘delete’ the item.
You can also view the item on the tenants Rent Collection panel. See also Rent Schedules & Rent Collection.
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