Lease Renewals

What do I do when a tenant renews their lease for another term?

The best way to renew a lease in Goldenseal rental management software depends on whether the price or terms have changed.

Rent and Terms the Same

If you are extending a lease at the same rent and terms, follow these steps:

1. Choose Leases from the Income menu.
2. Locate the lease that is being renewed.
3. Type in a new ending date for the lease.
4. Hit the Enter key to save the record.

Rent or Terms have Changed

If you are extending a lease, and the rent amount, damage deposit, payment date or other details have changed, follow these steps:

1. Choose Leases from the Income menu.
2. Locate the original lease.
3. Choose Duplicate Record from the Edit menu.
4. Type in the start and end date for the renewal.
5. Enter any other changes.
6. Hit the Enter key to save the record.

To transfer the damage deposit and/or key deposit from the old lease to the new lease, follow these steps:

1. Choose Billing from the Bank menu, and choose Rentals from the submenu.
2. Create Rental Transactions to close out the old lease, just like you normally would.
3. Create Rental Transactions for the start of the new lease, as well.
4. Choose Deposit Funds from the Bank menu, and enter Rentals into the Type popup at upper right.
5. Choose all of the items from the old and new leases, even if they total to zero.
6. Click Create Deposit to settle the lease change, and mark all transactions as paid.

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