How To Setup/Process Retro Rent

The Retro Rent process is used to record and setup an auto-bill for rent that is to be repaid due to unreported income or some other issue that caused the tenant to owe an amount of rent that was never charged to their account. 

Step 1: Setup Accounting Codes

NAVIGATION: MAINTAIN menu > Tenant Accounting Tables > Accounting Codes

Make sure there is an Accounting Code 01-02, 03-01 and 03-98 set up 

  1. 01-02
    1. Accounting Code:  01-02
    2. Description:  Retro Rent (or enter your own description)
    3. Type:  Credit
    4. Class:  Payment
    5. Due Date Mode:  May be left blank
    6. Contra Code:  May be left blank
  2. 03-01
    1. Accounting Code:  03-01
    2. Description:  Charge Retro Rent (or enter your own description)
    3. Type:  Debit
    4. Class:  Payment Agreement/Retro
    5. Due Date Mode:  Same Day as Document Date
    6. Contra Code:   None
  3. 03-98
    1. Accounting Code:  03-98
    2. Description:  Install Retro Rent (or enter your own description)
    3. Type:  Debit
    4. Class:  Setup Agreement/Retro
    5. Due Date Mode:  Same Day as Document Date
    6. Contra Code:  03-01

Step 2: Setup General Ledger Links/Check Books

NAVIGATION: MAINTAIN menu > Tenant Accounting Tables > General Ledger Links/Check Books

  1. 01-02
    1. Link the 01-02 code to the following for each appropriate area and community
    2. Credit:  Tenant Receivable
    3. Debit:  Cash
  2. 03-01
    1. Link the 03-01 code to the following for each appropriate area and community
    2. Credit: Retro Rent Receivable
    3. Debit:  Tenant Receivable
  3. 03-98
    1. Link the 03-98 code to the following for each appropriate area and community
    2. Credit:  Rent Revenue
    3. Debit:  Retro Rent Receivable

Step 3: Adjustment Entry

Make an adjustment entry for the tenant.

NAVIGATION: ACTIVITIES menu > Adjustment Processing > Adjustment Entry

  1. Use code 03-98 Install Retro Rent
  2. Transaction amount is the total of Retro Rent.
  3. Payment amount field opens – this is the monthly payment that will be charged to the tenant
  4. If set up correctly, it should create an auto bill for the tenant with the maximum to be repaid and the monthly installment amount.
  5. In tenant activity and history the charge will show but will not add to balance.

Step 4: Auto Bill

NAVIGATION: MAINTAIN menu > Tenants (Active)

  1. Enter the tenant's Last Name and select the appropriate tenant from the list
  2. If the file is in "read only" mode, go to Quick Link > Unlock Tenant File.  Select a Tracking Code and/or enter a modified description and press SAVE

NAVIGATION: Quick Link > Auto-Bill Setup

  1. Check the tenant's auto bills and if not already entered, setup an auto bill entry using code 03-01 Retro Rent Monthly.
  2. When auto bills are posted the charge will show on tenant activity/history and add to balance due.

Step 5: Cash Receipts

  1. Use code 01-02 Retro Rent Payment to enter the cash receipt.
  2. The use of this payment code is so the appropriate description is entered for the payment and the codes can be used in reports to differentiate the different payments.

4/2021

NEED MORE HELP?  Submit a ticket to the Help Desk or call (814) 535-7810 or (800) 889-3388