Finance Policies

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

  • AR Settings Policy
    1. All charges randomly, from oldest to most recent
    • 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.
    • 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:
    • Keep % Pay: Select this if you want the system to automatically adjust the AutoPay amounts to the new lease charges. It takes the percentage of all charges, no matter how it relates to the monthly charge.
    • Keep Unchanged: Select this if you want to manually adjust the AutoPay amounts. Select this if you want to manually adjust the AutoPay amounts. Select this if you want to manually adjust the AutoPay amounts. If the balance is higher than the amount the autopay was originally set for the autopay will essentially ignore this higher amount. If the balance is lower then the autopay is taken based on the balance. In addition if you have two tenants at 50% each, it will remain at 50% of whatever the actual balance is, even if its lower. 
    • 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:
    • 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 Cancellation By Resident: Allows residents to manage and cancel their AutoPayments themselves via the Resident Portal
    • Up to Limit: You can set a maximum payment amount for the auto pays (please note that by default the maximum allowed by the payment processer is $5K unless it has been raised separately)
    • Include Deposit Charges: By checking this box the autopay will include outstanding deposit charges at the time of the autopay pull in the system. It will affect the payment that's produced by the autopay, but the autopay itself will not visibly change.
    • Include Pending AGI Charges: By checking this box, the autopay will automatically include these pending charges even if they are not agreed to yet.
    • Include Lease Adjustments: By checking this box, the autopay will automatically include any one time adjustments on the lease level. PLEASE NOTE- this does not include recurring adjustments on existing rentable items/ features. They would be included by 'Keep % Pay' as explained above. 
    • Include Other Fees and Charges: By checking this box the system effectively will try to pay everything off (other charges like nsf/late fee), as though all the check boxes (include AGI/ include lease adjustments) had been checked. Therefore this should be used with care.
    • Include New Positive Charges: Select this is you want an positive charges to be automatically included within the autopays
    • Include Other Negative Charges: Select this if you want all negative charges to be automatically included within the autopays
  • Billing Policy: 
    • 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
    • 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
    • To automatically add a charge to the residents ledger for Insufficient Funds
    • Select the various payment methods and add the associated fee
    • Billing Tab:
    • Late Fee Tab:
    • NSF Fee Tab:
  • 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:
    • 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
    • Use this policy to configure what payment methods are accepted:
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