Raise first rent invoice / raise initial invoice (APAC only)

Owned by Fiona Wilson
Last updated: Mar 01, 2023
2 min read

This guide has been reviewed against our global client base and classed as relevant to APAC only

The first rent invoice should be raised manually - this ensures that tenancy set-up is thoroughly checked to ensure the correct dates and financial information has been entered, therefore reducing the risk of errors and corrections needing to be issued later

1. Tenancy start/end dates

From the tenancy Details tab:

  • Check the Tenancy start and Tenancy end dates are entered correctly

 

2. Deposit/bond, rent & fee details

From the tenancy Financial & Renewals tab - check the following information is entered

Deposit/Bond details

  • Deposit type - used to calculate the total

  • Held by - this should be set to Bond Authority

  • Total deposit - the amount of deposit

Rent and fee details

  • Initial rent - the agreed amount

  • Payable - how it should be paid

  • Letting fee - the amount to be paid excluding GST

  • Frequency - this is usually set to upfront

  • Management Fee - fee as agreed excluding GST

  • Frequency - this should be set to the same as the rent payable

3. Raise initial invoice

Now raise the first invoice, deposit/bond and any fees due

From the Accounts Functions panel:

  • Click Invoicing and select Raise Initial Invoice

 

4. Check invoice

Check the following information

Fees and Charges

  • Deposit invoice - check the amount due is correct

  • Review any other fees in this section

  • Add item... to add other agreed agency fees

Rent Payment Schedule

  • Rent is being charged at the correct amount and frequency

  • Letting Fee should appear once - if this displays in every month then the frequency has not be set correctly

  • Management Fee should appear on the same line as the rent

5. Creating Postings 

If any of the information is incorrect, close this screen and make any corrections on the tenancy

  • Once you are happy that all of the charges are correct, select Create Postings

Once the rent invoice has been raised, when funds are received the rent will be transferred to the landlord and available to paid across