From time to time you may need to adjust the balance of a lease and we have created different types of adjustments to assist you with this- Charge, Credit and Targeted Credit. These adjustments can be created on the Adjustments tab of any lease.
An adjustment behaves differently depending on the chosen adjustment Type. After selecting a Type you can then select a specific Code for the adjustment. The Types are described below.
Scenario 1A - Charge (Generic)
This option can be used to add a one-time generic charge to a lease, such as Admin. Expenses charge. All generic charges are of type "Account Charge". You can use one of the default charge types, or create a new one. Using this guide you can also map one of the default charges to a specific GL account.
Scenario 1B - Charge (Rental)
This option can be used to add a one-time rental charge to a lease, such as Water bill charge. This option also allows you to create an extra Residential Rent or Parking charge, which can be used to offset lease balance if needed. Such payments are already mapped to their respective GL accounts. Please note that recurring charges should be handled differently.
Scenario 2 - Credit (Generic)
Same as scenario 1A but for credit adjustments.
Scenario 3 - Targeted Credit (Rental)
This option can be used to add a one-time rental credit to a lease or to bring an outstanding balance to zero. If you choose an item for which there is an outstanding balance - system will automatically show the balance amount. All outstanding balances can be viewed by pressing Views -> Lease Financial -> Summary