The private notes area can be used to record private notes relating to the property instance. If the owning landlord is allocated a RentPro account then these notes will not be displayed to him/her.
Current Rent Balance
The current rent balance is calculated using tenancy details defined for the selected property instance along with rent payments (both tenant and benefit) collected. A negative figure indicates that the associated tenant is in arrears.
Current Landlord Balance
This is the state of the landlord account for this property instance. It is calculated from income received, expenditure incurred, fees applied and payments to and from the landlord of the property.
Opening Balance Date
This is the date from which RentPro will be used by the letting agency in its management of the property. Any transactions recorded within RentPro prior to this date will be ignored.
Opening Landlord Balance
This is the landlord balance on the opening balance date. When specifying the opening landlord balance a minus sign should be used to indicate that the landlord account for this property is in arrears.
This finder's fee is an additional management fee that can be used if the letting agency was instrumental in sourcing the property for the landlord. It is a one-off, fixed monetary value that will be applied as a management fee to the landlord account for this property.
Opening Rent Balance
This is the rent balance on the opening balance date. When specifying the opening rent balance a minus figure should be used to indicate rent arrears.
The default value of this flag is 'Y' and means this property will be considered for the various alert reports within RentPro. The letting agency may alter the value of this flag if at some stage they cease management of the property.
This value may be either a percentage or fixed monetary value depending on how your RentPro instance is configured. It is a definition of the fees that will be charged by the letting agency for management of the property instance.
The management fee is set on a per property basis.
Variation of Management Fee
It is possible to vary the management fee value for a property instance over time. This is achieved by specifying the new value along with the date on which this value became effective.
If your RentPro instance has been configured to apply VAT to fees charged then it will be possible to generate a VAT invoice for the selected property instance. RentPro will initially display all fees applied by the letting agency for the property over the selected report period. An option will be made available to display a printable version of this statement. If this option is selected then a unique invoice number will be generated and stored.