Finance Policies

Getting to Policies: ADMINISTRATION --> POLICIES--> Finance

  • AR Settings Policy
    • Here you can set your Accounts Receivable (AR) rules around how to apply the funds received.
    • Oldest Debt first: Sorts Charges to be paid by due date only.
      1. All charges randomly, from oldest to most recent
    • Rent Debt Last: Sorts Charges to be paid by charge type only:
      1. All non rent charges first, from oldest to most recent
      2. All services (rent) last, from oldest to most recent
    • Oldest Debt First With Non Rent Priority: Sort Charges to be paid by due date and charge type:
      1. All charges, from oldest to most recent
      2. Within the same due date, all non rent charges first
      3. Within the same due date, all services (rent) last
  • AutoPay Policy:
    • Here you can set your AutoPay (Pre-Authorized Payment) rules. The system can automatically update your AutoPay when the rents are increased or decreased but certain rules need to be adjusted.
    • On Lease Charge Change Rule:
      • Keep % Pay: Select this if you want the system to automatically adjust the AutoPay amounts to the new lease charges.
      • Keep Unchanged: Select this if you want to manually adjust the AutoPay amounts
    • Exclude First Billing Period Charge: Select this if you want to skip the AutoPayment in the first month of renting
    • Exclude Last Billing Period Charge: Select this if you want the system to Automatically cancel the AutoPayments in the last month rent
    • Allow Cancelation By Resident: Allows residents to manage and cancel their AutoPayments themselves via the Resident Portal
  • Billing Policy: 
    • Billing Tab:
      • Proration Method:
        • NONE: Select this if you do not want to use Proration
        • ACTUAL: Select this if you want to prorate to actual days in the month
        • STANDARD: Select this if you want to prorate using a standardized industry method of 30.5 days
        • 30 DAYS MONTH: Select this if you want the prorate to be calculated by 30-Day Months
        • ANNUAL: Select this to calculate the pro-rate based on 356 Days a year
      • Rounding Offset:
        • As it relates to Pro-rate is the time set to round up to the next month or not. Example: If "10" is Selected applications created with a move-in date before the 10th would start their term in the given month, while applications after the 10th would be rounded up to the following month to start their term
      • Confirmation Method:
        • Automatic: Select Automatic if you want the bill to be automatically created by the system
        • Manual: Select this if you want to manually review the bills before creating them
      • Available Billing Types:
        • Billing Period: Choose the Billing cycle period. (Ie, Monthly)
        • Billing Cycle Lease Start Date: The date the billing cycle should start (example, 1st of the month) or you can choose a specific date or Lease Start Date
        • Payment Due Offset: Choose "0" if the payment is due the same day as the Billing Cycle. If rent is due after you can select the offset amount here
        • Bill Execution Day Offset: How many days before the next billing period should the system create the Bill/Invoice for the Tenants
        • Autopay Execution Day Offset: When to run the AutoPayments relative to the lease cycle
    • Late Fee Tab:
      • Base Fee Type: 
        • % Owed Total: Select this to apply a late fee based on % of total fund owed
        • % Monthly Rent: Select this to apply a late fee based on a % of the monthly rent
        • Flat Amount: Select this to charge a flat amount for Late Fee
      • Base Fee: Add in the % or $ based on the Base Fee Type selected above
      • Max Total Fee Type: If you want to add in a maximum fee to be charged in Late Fee select them here
        • % Monthly Rent: Choose this to set the maximum as a percentage of rent
        • Flat Amount: Choose this to set a flat $ amount as a maximum
        • Unlimited: Choose this to not set a maximum late fee limit
    • NSF Fee Tab:
      • To automatically add a charge to the residents ledger for Insufficient Funds
      • Select the various payment methods and add the associated fee
  • Deposits Policy
    • If you need to add an interest rate on deposits you can add in the criteria here by choosing Annual Interest Rate and adding in a % value
    • If you need to ensure payment refund time you can add that value in the Security Refund Window timeline
  • Lease Adjustments:
    • As you may want to make adjustments and lease changes for some, but not all, of your GL charge codes, you can add the various charge codes that are allowed to be used for Lease Adjustments
  • Product Tax:
    • If certain lease charges require taxes they can be added with this policy
  • Payment Types:
    • Use this policy to configure what payment methods are accepted:
      • Accepted: Select this to set what payment methods are accepted as a COMPANY behind the scenes
      • Resident Portal: Select this to set what payment methods are accepted within the Resident Portal
      • Prospect Portal: Select this to set what payment methods are accepted within the Prospect Portal (Online Application)
      • Cash Equivalent: Select this to set what payment methods are considered Cash Equivalent payments
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