Payment Schedules and Rent Collection

Every deal keeps its own payments: the rent instalments, the security deposit, fees and commission. They live on the deal's Payments tab.

Setting up the schedule

Create Schedule builds the rent schedule from the deal's rent and lease dates. Choose the payment frequency — annual, semi-annual, quarterly, monthly or custom — the number of instalments, the first payment date and the payment method; for post-dated cheques, add the bank. No instalment is dated after the lease ends: if one would be, the instalments are fitted inside the lease and the rent is spread over them.

You can change the schedule later, and add single payments — a deposit, a fee, a commission — with Add Payment.

Recording what happens

• Mark as Paid when the money arrives. A receipt can then be downloaded.
• Mark as Bounced, with the reason, when a cheque or a transfer comes back. For a bounced cheque, record the replacement cheque; once the original cheque has been destroyed, record that as well.
• A payment that will not be collected can be cancelled. It stays on record as cancelled and no longer counts as due.

The tab shows what is paid, what is overdue and what is still to come, and refunds the agency still owes the tenant are shown separately.

Reminders

The tenant is reminded before a payment is due and when it is overdue, and your team is told about overdue payments. Each person on your team chooses how they hear about payments in Settings → Notifications.

TenancyDesk records what happened to a payment; it does not collect money and does not decide the legal consequences of a bounced cheque. For those, speak to your lawyer.