Opening balances - entering an on account/part paid amount (APAC only)

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

This guide explains how to record an on account/part paid amount a tenant may have paid in a previous system - if the property is a new management, the same process should be followed

To enter this information into the system, you will need the following details from the previous system/property manager:

Rent paid to date (inclusive)
On account/part paid amount

What is a part paid amount?

The tenant is due to pay the specified rent either on a weekly, fortnightly or monthly frequency as per their lease agreement. This amount is raised as a rent invoice, for that period in your Reapit database. If the tenant pays only part of the amount due, or pays more, then a part payment is created.

Scenario: A tenant pays $350 weekly starting from the 01/01/2020. The rent invoice is created for the period 01/01/2020 to the 07/01/2020.

Example 1: The tenant makes a payment of $300. They have part paid $300, leaving $50 unpaid.

Example 2: The tenant makes a payment of $450. They have paid $350 to the 07/01/2020 with $100 part paid. The $50 has been paid towards the rent for the period 08/01/2020 to 14/01/2020, giving them an effective paid to date of 16/01/2020

Inclusive or exclusive?

Some Property Management software operates using exclusive dates (i.e. 01/10 – 01/11). Reapit uses inclusive dates (i.e. 01/10 – 31/10)

To determine whether the previous system was using inclusive or exclusive paid to dates, please refer to the information below. If you are working from inclusive dates, you will need to minus one day.

Tenacity - exclusive
Property Tree - inclusive
REST - inclusive is the most common set up, but exclusive is available so recommended you double-check
ProMan (RP Office) - inclusive
Sherlock - exclusive
Console - inclusive

Migrating data or entering a new management?

Depending on if you are migrating the data from another system using a conversion or if this is a new management - select the relevant instructions below:

1 Entering a new management
2 Entering a part payment from a previous system (data migration)

Entering a new management

Example: tenant pays rent $400 every week - they are currently paid to the 30/04/2021 (inclusive) with $350 part paid

1. Next rent due date On the tenancy, Financial & Renewals tab: In Rent instalments start, enter the date the next rent is due Inclusive: this is the rent paid to date plus one day Exclusive: this is the rent paid to date
2. Initial invoice As this is an existing tenancy, the initial invoice does not need to be raised On the tenancy, Accounts Functions panel: Right-click over Invoicing section and select Initial Invoice Raised
3. Set the rent invoiced up to date We now need to tell the system that all previous invoices have been paid and are not required From the Financial & Renewals tab: Set the Rent invoiced up to date to the day before the rent instalments start Save & close tenancy screen
4. Raise the first rent invoice Ensure the rent payment schedule is as expected Re-open tenancy screen From the Accounts Functions panel, click Invoicing and select Raise Invoice Tick the first invoice and click Create Postings
5. Raise a credit note Now create a credit against the rent invoice. This will be treated as a part payment, and update the effective paid to date. In the Accounts Functions panel: Click Invoicing and select Credit Note
6. Enter the amount In To Credit column, enter the amount of the part payment and press Enter on your keyboard Click Next
7. Credit the management fees Ensure the related management fees are ticked This ensures the landlord does not pay management fees twice for this part payment Click Next
8. Enter credit note details Enter a Description Tick Show tenant credit on landlord statement and Update rent paid to date Click Finish
9. Accounts information On the tenancy Details tab, Accounts panel: Part-paid amount is displayed along with the Effective paid to date Rent paid to date will not be populated until the first rent invoice has been paid in full

Entering a part payment from a previous system (data migration)

1. Check the rent paid to date On the tenancy, Financial & Renewals tab: Check the Rent instalments start and Rent invoiced up to dates are correct The rent invoiced up to date will be set to the day before the Rent instalments start
2. Raise the first rent invoice Ensure the rent payment schedule is as expected On the tenancy: From the Accounts Functions panel, click Invoicing and select Raise Invoice Tick the first invoice and click Create Postings
3. Raise a credit note Now create a credit against the rent invoice. This will be treated as a part payment and update the effective paid to date. In the Accounts Functions panel: Click Invoicing and select Credit Note
4. Enter the amount In To Credit column, enter the amount of the part payment and press Enter on your keyboard Click Next
5. Credit the management fees Ensure the related management fees are ticked This ensures the landlord does not pay management fees twice for this part payment Click Next
6. Enter the credit note details Enter a Description Tick Show tenant credit on landlord statement and Update rent paid to date Click Finish
7. Accounts information On the tenancy Details tab, Accounts panel: Part-paid amount is displayed along with the Effective paid to date Rent paid to date will not be populated until the first rent invoice has been paid in full

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