When using the system for the first time, it is likely that you will want to set-up existing in-flight lettings (for example, ongoing periodic lettings that have previously been managed in Excel or another system). In such cases, there are two options for how to set-up the letting:
- Create full letting history
- Start the letting from the next rent period
We strongly recommend Option 2 to avoid the large amount of data entry required with Option 1.
1. CREATE FULL LETTING HISTORY
In this approach, the full history of the letting is entered – including all tenant receipts and landlord statements. Enter the letting with the original start date, deposit details and fees. Record the full history of tenant receipts, and re-generate landlord statements as required.
2. START LETTING FROM NEXT RENT PERIOD
In this approach, rather than entering the full history, simply take on the in-flight letting from the next rent period:
- Letting start date: set the letting start date as the due date of the next rent period
- Term: leave the field blank
- Letting end date: set the letting end date as the contractual end date of the letting (if still in the original fixed term of the letting), or the end of the next rent period if the letting has already gone periodic (the system will automatically extend the letting one rent period at a time)
- Deposit: if the deposit has already been paid and lodged, it can be left blank. However, if it has been lodged at a protection scheme or the agency is holding it and you would like to keep track of it, enter the details and record a historic tenant receipt for the full deposit amount – marking the deposit as held at the scheme.
- Letting fee: if the landlord’s letting fee has already been received from the landlord, leave this field blank.
- Management fee: this needs to be defined in order for the system to generate the correct management fee deductions each rent period.
- Is Periodic: if the letting has already gone periodic (that is, is beyond the original fixed term and is now rolling on a monthly basis), tick this box. The system will automatically extend the letting (rent schedule and end date) by a rent period at a time a week before the latest rent period ends. Enter the rent review date, if the rent is going to be reviewed at a point in the future.
- Arrears: if there are arrears still owing from the tenant, you can add these onto the due amount in the first rent period. You can do this by clicking onto the Rent Schedule in the side-menu and clicking on the rent due amount for this first rent period.