Generally refers to a Ledger Account
Auto Charge is a Rentables feature that saves you the hassle of recording recurring charges such as Rent and Property Management Fees. There is an option to enable (default) or disable Auto Charge when setting up Leases (Rent) and Properties (Management Fee). You can also setup other recurring charges to be auto charged at other intervals.
Automated Clearing House (ACH) is a network used by financial institutions in the United States to facilitate the electronic transfer of funds. Rentables offers fully integrated ACH services that greatly simplify paying owner proceeds. With just a few simple clicks you can transfer owner proceeds from your trust account to an owner's checking or savings account.
Certified Residential Management Company (CRMC®) is a level of designation offered by the National Association of Property Managers to those companies who meet certain requirements.
In Rentables' accounting system funds are allocated to various accounts depending on their intended use. The Cash Account can be thought of as the operating funds for the respective owner or tenant. Most states require that the Cash Account be zeroed (i.e. paid out) within a specified number of days.
Draw is short for withdraw and typically refers to paying (i.e. drawing) owner proceeds. A Draw represents funds paid out of the trust account to an owner, tenant, or vendor.
Often times Landlords will require tenants with little and/or poor credit to have some else guarantee the rent. This person is the Guarantor and can be indicated as such on the lease in Rentables. Guarantors may be the tenant's parents, relative, or friend who has better or more established credit. Sometimes they are referred to a co-signer.
The Held Deposits Account is a special reserve account to hold tenant security deposits. In Rentables, security deposits belong to the property owner until they are returned at the end of the lease. You can view the owner's Held Deposits balance on the Property Details page. If security deposits are physically held by the owner and not in the trust account then you can transfer the funds to owner's cash and pay that money to the owner. The owner will continue to have a liability for the security deposit until it is ultimately returned or forfeited for damages.
An element in Rentables' user interface. Most pages in Rentables have a large box in the upper right hand portion of the pages. We refer to this as the Highlights Box and it gives you important information at a glance.
An agreement or contract between a tenant and the landlord that specifies the terms under which the tenant rents the landlord’s property. Typical lease terms include at a minimum the rent amount, required security deposits, and the time period. Generally a lease is for 12 or more months.
One goal of Rentables property management software is to minimize accounting jargon to the extent possible. Ocassionaly, though, it is helpful to understand key details. Rentables uses a double entry ledger accounting system. A Ledger Account is a set of debits and credits representing transactions in the accounting system. A few ledger accounts (or simply "accounts") you will commonly see include Cash, Reserves, and Security Deposits.
Master Property Manager is a level of designation offered by the National Association of Property Managers to property managers who meet certain requriements.
The party in a transaction who receives payment. For example, the handyman would be the payee for a repair expense.
The person or entity paying a charge. For instance, the tenant is the payer of rent. In Rentables, the Payer is always set from the context in which a charge is created.
Leases generally specify personal property that belongs to the property owner and may or may not be replaced if broken or otherwise inoperable. Examples include washer/dryers, refrigerators, and above ground Jacuzzis.
You will often see properties, units, and doors used interchangeable. In Rentables, a Property is anything that is being rented. It could be a single family home, an apartment, a bedroom, etc. We tend to use Properties and Units interchangeable.
Each property has a Property Details Page. This page summarizes all the important details for a property including owner account balances, current tenant account balances, and owner and tenant charges. You can get to a property's detail page from the Properties tab by clicking on the view details icon or on the property address.
Residential Management Professional (RMP) is a designation offered by the National Association of Property Managers (NARPM) to property managers who meet certain qualifications.
A Reserve Account is used to set funds aside for later use. These funds do not show up in an Owner's cash balance and are not available for draws or paying charges unless first transferred to cash. Typical uses include Owner Maintenance Reserves charged as part of a management agreement or withholding funds each month to help an owner "save" for a large repair. Held Deposits is a special reserve account to hold funds tied to tenant security deposits.
A notice from a property manager to a tenant to pay delinquent rent within three days or quit (leave or vacate) the premises. Check you state laws for preparing and serving three-day notices. The three-day notice period is typical, but it does not apply in all states or in all circumstances, particularly for property covered by local rent control ordinances. Also, military families may have special protections.
Most states require property managers to place funds belonging to a third party in a specially designated "trust" account. This designation protects those funds from creditors and, in some cases, carry higher deposit insurances limits.
Let Rentables property management software streamline and automate the workflow of your business. By using Rentables your information stays organized and is easily accessible 24/7.
You'll save time performing routine tasks such as:
Use the time you'll save to grow your business or to enjoy life's other pursuits.