Does anyone use Rent Manager to track rent credits? I’m moving to the “rent credit” model to avoid the legal problems previously discussed in several threads on this forum. Rent Manager has a great loan module that I had been using, but I don’t see any obvious way to track rent credits, especially if I’m applying a discount (e.g., having 75% of the rent payment go toward the rent credit). Likewise, it’s not obvious to me how to apply a zero rent credit for those months when the tenant pays past the due date. Any suggestions?
Pretend they don’t exist. Do no accounting for them. If/when a tenant of yours completes a RTO/RC agreement, you just sign over title and take a loss on the house (it’s probably on your books at some positive value and not fully depreciated). I’ve checked with F&D, and this is what they do. Keepin’ it simple,-jl-
Thanks Jefferson. That’s certainly the easiest thing to do. I think though I will try to back-door a way to track them so that I can occasionally give tenants a printout of how much they’ve accrued. Although, the way I’ve decided to do it in Rent Manager is a little tedious, and violates the “keep it simple” rule!Ed
You can always just run an amortization schedule in Excel or Numbers when a resident asks. We give our residents full credit - even for late payments. It’s just too much headache to try and track and eliminate a credit if they are late. And believe me, you want your residents to own their homes ASAP.Keepin’ it simple,-jl-