How do I record application fee revenue?
We are charging prospective tenants an application fee for our security background check and I'm trying to figure outhow to add that that revenue into receivables. What am I missing?
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Hey Kelcy, currently there isn't a way to add receivables and revenue to prospects. That's coming very soon though with our marketing section. In the meantime, you might consider adding a holding unit for these prospects. Give a name like "Prospect Pipeline" or something along those lines, then add each prospect to this unit as an actual tenant with a zero dollar rent amount. Then just add the application fee charge to that tenant account. You can invite them as a tenant and they can pay online too, no problem. Then, when they're ready to move into the unit after approvals, you can transfer them into that unit.
Hope that helps. Please let me know if I can add clarity anywhere.
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