Property Management Software

FAQ > Tracking Rents on Worksheet

1. How does TReXGlobal.com Property Management Software track my rent payments received?
2. How do I enter overdue rent?
3. What are all these "Allocate" windows all about?
4. Will TReXGlobal.com Property Management Software tell me my tenant is overdue?
5. How do I enter partial rent payments that I receive?
6. What happens to allocations when rules are entered?
7. How do I edit the rent transaction amount after it has been allocated?
8. How do I edit the rent allocations that were done for me by TReXGlobal.com Property Management Software after the fact?
9. How do I see how much the tenant owes me?
10. How can I forgive an overdue rent payment?
11. How do I record late fees?
12. Why aren't my rent transactions showing up on the Tenant Rent Allocation report?
13. What happens when I un-allocate a rent amount?
14. How do I enter a rent transaction for rent I collected early?
15. How do I enter rent transaction for the initial month of a lease that starts mid-month?

1. How does TReXGlobal.com Property Management Software track my rent payments received?

If a tenant's lease information has been entered, TReXGlobal.com Property Management Software allows you to "Allocate" the rent payments entered on the worksheet and easily reconcile between received payments and the payments you should have received according to the lease. The "allocate" function replaces the "split" function in the row for that tenant.

Allocating the rents received keeps you on top of rent collection. As you record rent payments received from a tenant on the worksheet:

1. TReXGlobal.com Property Management Software will auto allocate the rents for you if the amount entered is equal to what is expected for a rent period based on the lease.
2. TReXGlobal.com Property Management Software will allocate for you within current month till rent is fully collected. Anything above what is expected for the month will be left unallocated.

See details on " How can I enter partial rent payments that I receive ? "

See details on " How do I enter overdue rent? "

See details on " Where do I enter Lease for my tenants? "

2. How do I enter overdue rent?

If a tenant's lease information has been entered, TReXGlobal.com Property Management Software can track how much the tenant is due.
(See " Will TReXGlobal.com Property Management Software tell me my tenant is overdue? " for details)

For example, your tenant pays the rent for June 1 st on July 7 th . To enter this overdue rent, follow these steps:

1. Go to the property on the worksheet which has the tenant row.

2. Use the ledger located near the bottom left of the screen to enter the late rent payment on July 7 th :

Note: You will be seeing a red flag next to the June cell as the rent for June has not been recorded.

3. Once you have added the rent received on July 7th, click on the "Tenant Rent Allocation" link from the top navigation links.

4. Once on the "Tenant Rent Allocation" page, make sure the tenant you want to allocate overdue rent is selected.

5. For the month of July, expand the "Rents Received" section to show all the transactions recorded on worksheet. You will see the transaction you added in Step 2 as a link under the month of July.

Click on the amount you want to allocate to June.

Note: You will also see a red flag next to the June as it recognizes that rent has not been collected/recorded for June.

6. This will open the "Allocate Rent" window. On this window, allocate the rent to June by selected the check box on the "Amt. Allocated" column. Make sure, this transaction has not been allocated to any other rent due.

Once you click on "Save", TReXGlobal.com Property Management Software saves the overdue rent payment and allocates it to June.

The Tenant Rent Allocation page will show the transaction you entered in July under June under the Balance Due section as that is how you allocated the rent amount.

3. What are all these "Allocate" windows all about?

If a tenant's lease information has been entered, TReXGlobal.com Property Management Software allows you to "Allocate" the rent payments entered on the worksheet and easily reconcile between received payments and the payments you should have received according to the lease. You can do this by going to the "Tenant Rent Allocation" page.

If you Edit rent allocations by clicking on the rent transaction amount under the "Rents Received" section, you will see the "Allocate Rent" window:

See details on " How do I edit the rent allocations that were done for me by TReXGlobal.com Property Management Software after the fact? "

4. Will TReXGlobal.com Property Management Software tell me my tenant is overdue?

Yes. TReXGlobal.com Property Management Software calculates the amount due for a tenant:

• Based on the lease terms you've set up and
• If the rent collection date has already passed, and the payment was not manually recorded on the Worksheet. There might be a difference between what you should have been paid, and how much you actually were paid. TReXGlobal.com Property Management Software will try hard to close the gap between the two amounts, and make sure you get paid everything you are owed!

If your tenant is late on rent, TReXGlobal.com Property Management Software will show a "red flag" next to the month/cell on the "Tenant Rent Allocation" page. You can then mouse over to see how much the tenant owes you:

1. "Forgive Rent" to remove the red flag if you have forgiven the tenant for amount owed.

OR

2. Record the rent you have received by going to the worksheet. The "overdue" status from the "Tenant Rent Allocation" page will go away once the entry is manually recorded on the Worksheet.

The rent status is shown as 'Overdue' if a tenant is late on rent on the "Manage Tenant" page as well. You can send the tenant a 'Late Rent Notice' from the "take action" menu when they are overdue on rent.

5. How can I enter partial rent payments that I receive?

If a tenant's lease information has been entered and you enter a partial rent payment on the worksheet, TReXGlobal.com Property Management Software will allocate the partial rent that you entered for you.

For example, the rent amount on your lease for a tenant say Jane Doe is $100/month. For the month of July 2009, you received a partial rent payment of only $75.00. You will enter this $75.00 partial rent as follows:

1. Go to the property on the worksheet which has the tenant row.

2. Select the month you received the partial rent for. In this example, it is the month of July.

3. Enter the partial rent payment of $75.00 in the July cell and tab out. When you do this, TReXGlobal.com Property Management Software has allocated the $75.00 towards the July rent.

4. TReXGlobal.com Property Management Software saves the partial payment and calculates the remaining balance due. To view the remaining balance, go to the Tenant Rent Allocation page and mouse-over the red flag shown next to the partial payment under the Rents Received section:

6. What happens to allocations when rules are entered?

If a tenant's lease information has been entered, the "Allocate" function gets enabled for a tenant row. This does not affect the amounts recorded by a rule for a tenant row. TReXGlobal.com Property Management Software will simply auto-allocate the amount recorded by the rule on the worksheet till the end of the year for you. If the rent amount is different, you'll have to go to tenant payment history report page to take care of allocation.

7. How do I edit the rent transaction amount after it has been allocated?

To edit the rent transaction amount after it has been allocated, the simplest thing to do is to delete the transaction and enter it again. See details on "How can I delete my transaction?"

8. How do I edit the rent allocations that were done for me by TReXGlobal.com Property Management Software after the fact?

To edit the rent allocations that were done, follow these steps:

1.  Go to the Tenant Rent Allocation page and select the tenant you want to edit the rent allocation for.

2.  For the month you want to edit the rent allocation for, expand the "Rents Received" section and select the rent transaction amount that has been allocated and needs to change.

3. You will now see the "Allocate Rent" window for your rent transaction. On this window, you can now check or uncheck against the rent amount due for that rent period and save it.

9. How do I see how much the tenant owes me?

TReXGlobal.com Property Management Software allows you to get a quick view on how much you're owed on the Tenant Rent Allocation page. To see how much the tenant owes you:

1.  Go to the Tenant Rent Allocation page:

2.  Select the Tenant you want to view the payment history for. You can then view how much the tenant owes you per month or total till date.

10. How can I forgive an overdue rent payment?

TReXGlobal.com Property Management Software will let you forgive a rent payment if you are not going to get the amount owed for the month. This will also remove the red flag from the system and you will not be prompted to allocate rent for this overdue payment.

You can forgive a rent amount by:

1. Clicking on the "Forgive Rent" link when you mouse over the red flag on the Tenant Rent Allocation page:

2. This will open the Forgive Rent window. You can then select the rent amounts that you would like to forgive and save.

The forgiven rent amount will appear under the forgiven rent row for the month. You can always undo this by clicking on the forgiven amount.

11. How do I record late fees?

If you have received a rent payment which includes the late fees, you can enter it as a rent transaction and allocate part of the amount towards late fees.

For example, the tenant gives you a rent check of $110.00 on 7 th July which includes the late fees of $10 for July. You can allocate part of the rent received towards late fees as follows:

1. Enter the rent payment you received on July 7 th using the ledger located at the bottom left corner and click add:

2. Next, go to the Tenant Rent Allocation page by clicking on the link at the top of the page:

3. Once on the "Tenant Rent Allocation" page, make sure the tenant you want to allocate overdue rent is selected.

For the month of July, you will notice the balance due as $10 in orange as balance due as there is an extra $10.00 recorded which is more than the rent amount based on your lease:

4. Expand the Rents Received section to view the recorded rent transaction in step 1 and click on the rent amount to allocate late fees:

5. This will open the "Allocate Rent" window for your rent transaction. On this window, you can now check or uncheck and enter the late fees amount against the rent amount due for that rent period.

TReXGlobal.com Property Management Software records the late fees amount under the July Late Fees row and the balance due is recalculated:

12. Why aren't my rent transactions showing up on the tenant payment history report?

If any of the rent payments entered on the worksheet are not allocated to the rent dues, they will not appear as rent received on the tenant payment history report. Instead, they will appear as unallocated amount against the month the transaction was received. You will need to allocate these amounts against the rent due date.

See details on " How do I edit the rent allocations that were done for me by TReXGlobal.com Property Management Software after the fact? "

13. What happens when I un-allocate a rent amount?

If any of the rent payments entered on the worksheet are not allocated against the rent dues, TReXGlobal.com Property Management Software will:

1. Not display the rent received on the Tenant Payment History Report and the Tenant Report. For details, see " Why aren't my rent transactions showing up on the tenant payment history report? "

2. If you have entered any rent amounts that are not allocated in a cell, a light bulb will be displayed next to the row. Mouse over the light bulb will inform you that you have unallocated amounts and take you to the Tenant Rent Allocation page to allocate the rents:

3. On the Tenant Rent Allocation page, the unallocated rent amounts will be shown in orange color as balance due.

To allocate this amount, expand the Rents Received section and click on the transaction amount. This will open the "Allocate Rent" window which will allow you to allocate the rent.

14. How do I enter a rent transaction for rent I collected early?

TReXGlobal.com Property Management Software easily allows you to allocate rent payments that you may have collected early from a tenant.

For example, you collected a rent check of $200.00 for both July and August (for a $100/month lease) on 1 st July because your tenant is going out on a vacation. To enter this transaction, you would:

1. Go to the property on the worksheet which has the tenant row.

2.  Select the month you received the rent in. In this example, it is the month of July. Enter the rent payment you received in the July cell and tab out.

3.  When you do this, TReXGlobal.com Property Management Software will allocate $100 to July and the remaining $100 unallocated. To allocate the remaining $100 to August Rent, go to the Tenant Rent Allocation page:

4.  Expand the Rents Received section, and you will notice that under the month of July, $200.00 has been recorded. Click on this link.

5.  This will open the 'Allocate Rent' window. Check against the rent due for August to allocate the remaining $100 to August and save:

6.  Once you save the rent allocation, TReXGlobal.com Property Management Software will show the amounts allocated under the appropriate months under the Balance Due section when expanded:

15. How do I enter rent transaction for the initial month of a lease that starts mid-month?

TReXGlobal.com Property Management Software allows you to enter a partial rent payment from a tenant whose lease starts mid-month, and forgive the remaining rent due that you will not be collecting.

For example, you have entered a lease that begins 15th of July, with the rent due date of 1st of every month.

1.  Enter the partial rent received for July in the cell.

See "How do I enter partial rent payments that I receive?" for details.

2.  Since you will be receving only part of rent amount for the month of July, you need to let TReXGlobal.com Property Management Software know that the remaining rent will not be collected.

In TReXGlobal.com Property Management Software, the Tenant Rent Allocation page for this tenant will show the month of July as overdue as the system is still expecting partial rent for July. You will be required to forgive this rent amount so that it does not show up as overdue. See details on "How can I forgive an overdue rent payment?"