How to record an overpayment /credit?

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Eric Einholz

May 07, 2016 00:14

I had a tenant accidentally overpay her rent (not via the system).    

I just want to give her a credit for next month's rent. 

how do I do that in the system?   When I try to type in a payment (against a zero balance), the system will not let me do it.  

Screenshot 2016-05-06 20.11.00.png

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  Jacob Thomason May 07, 2016 07:38

  Hey Eric, you do need to add a charge first.  You can add future month's on the add/adjust charges.  Just add it as a "Rental Revenue" charge and set the appropriate bill and due dates.  Hope that helps.  Please let us know if you need any clarity.

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  Boris U August 03, 2016 02:28

  I'm in the same boat. How does adding a charge help with issuing the credit for overpayment?
  
  The system auto generates "rent" based on what it's set for, so I can't seem to be able to adjust the amount of rent for the following month to reflect the "pre-payment". Adding yet another charge and making it due for the next month will basically "increase" the amount of rent and won't allow me to apply the overpayment toward next month's rent.

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  Eric Einholz August 03, 2016 02:49

  Exactly, Boris !! 

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  Jacob Thomason August 03, 2016 04:33

  If you need to allocate an overpayment, there is a quick way to do this.

  First start by clicking the green "+" icon to add the next month's rent charge.

  

  After you've click this, you'll see the next month's rent charge added.  At this point, you can go ahead and record the full payment amount, including the overpayment.  You can just punch in the full amount and it will automatically allocate it to the charges listed.

  

  And that it, just hit save and you're done!

  A couple things to note here:

  • Adding a charge in this fashion will not cause the system to add double charges.  It's intelligent enough to know that a charge has been added and will not attempt to add it again.  Keep in mind that this also applies to charges manually added through the add/adjust charges screen.  The system looks at the chart type (chart of account) as well as the due date for the charge in order to determine if it's already been added.
  • You do have to have a charge with which to allocate the over payment primarily because this is more accurate than a random credit on the account.  By doing this, you're telling the system how that over payment will be allocated.  If it were added as a random credit, it'd have to be applied towards the next charge added on the account. (it's possible something to this effect will be considered in the future)
  • Keep in mind that recording an actual "credit" is not the same as adding the charge and allocating the payment towards the charge.  A credit is not considered revenue.  It's just a credit.

  I hope that helps!  If you have any other questions about this, please let me know.

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