Adding Recurring Receivables

Recurring receivables are used most often for repayment agreements and for certain types of escrow accounts, such as security and pet deposits, for which a customer makes regular monthly payments until the full amount is paid. For example, a tenant may pay ten dollars per month for five months on a pet deposit of fifty dollars. In this case, you would set up a recurring receivable of ten dollars with a maximum amount of fifty dollars.

Just like other recurring transaction records, a recurring receivable record automatically creates an individual receivable each month that the recurrence is in effect.

Unlike other recurring transactions, however, these individual, monthly receivables have no effect on the balances of the accounts in which they are created. (In other words, a receivable itself never actually “posts” to an account.) When the customer makes a payment on a receivable, the payment posts to the account and reduces the balance.

You can also add an individual receivable for any customer account. See "Adding Receivables"

From the Main Menu screen, click TENANTS or RECEIVABLES. The Browse Tenant Leases or Browse Customers screen appears with all current leases or active customers displayed in a table.

Select how you want to order the tenant or customer table from the ordered by drop-down list, enter the search criteria in the search for field and click GO. The first tenant/customer to match the criteria is highlighted in the table.

Highlight the tenant/customer record you want to work with and double-click, or click

. The Tenant Management screen or Maintain Customer Information screen opens with the Tenant Information tab or Account Summary tab selected.

Select the Recurring Transactions tab. Displayed in a table are all the tenant's/customer’s recurring transactions.

Click

on the toolbar, and select “Add Recurring Receivable” from the menu that appears. The Add Recurring Receivable Wizard is initiated.

Hint: The non-editable customer name field appears at the top of the screens. Use this to verify that you are entering information for the correct account belonging to the correct tenant/customer.

Select the account to which you are adding the receivable.

This is your agency-defined list of account types, which you maintain in the Setup area of the program. See "Setting Up Account Types"

Enter a description for the receivable and enter the amount that the tenant/customer is charged each month.

If necessary, enter a maximum amount. When this amount is reached, the recurring receivable will stop.

Specify the start month and start year, or when the recurring receivable schedule begins.

Hint: If you set the start date to a future date, the receivable will be applied the first time you generate monthly transactions on or after that date.

10.

Specify the end month and end year, or when the recurring receivable schedule ends. The receivable will stop permanently after if reaches this date. The default is blank, which means there is no end date. If you entered a maximum amount, the ending month and year will automatically calculate.

Note: The receivable will stop permanently after it reaches the maximum amount or the end date, whichever comes first.

Hint: Use the start month and end month fields if the receivable is seasonal. The first receivable of the season will be applied in the start month. The last receivable of the season will be applied in the end month. The set of receivables will repeat the following year, provided the receivable has not yet reached an end date.

11.

Check the checkbox if you want to create the first month’s transaction on exit of the wizard. If you check this box, the receivable is applied immediately, and it will be applied again the next time you generate monthly transactions.

12.

Check the checkbox if there should be an active lease required for this transaction. If you check this box, the recurring receivable is only applied if the tenant/customer has an active lease.

13.

Click START to continue, review and confirm the information you have set up, and then click FINISH to add the recurring receivable.The Recurring Transactions tabappears again with the new receivable displayed in the table.