Rental Transactions

Use Rental Transactions to record rent payments, deposits, deposit refunds, and other money exchanges with tenants. You'll enter a separate Rental Transaction for each rent period and for each other rent item that is due.

Rental Transactions are an important part of Goldenseal's rental property management features.

RENTAL TRANSACTION BASICS
       When to Use | Entering Rental Transactions | Data Fields | Status Field
       Rental Basics | Rental Setup | Using Rental Transactions

WORKING WITH RENTAL TRANSACTION RECORDS
      
Entering Records | Changing Records | Deleting Records | Voiding Records
       Finding Records | Sorting Records | Fixing Mistakes

WEBSITE INFO LINKS
       Property Management Software | Rental Management Software | Rental Property Software

RELATED TOPICS
       Leases | Real Estate accounts | Rental Billing | Rental Units

When to Use Rental Transactions

Rental Transactions are a record of the rent for each rental period.  They also handle security deposits, pre-paid rent, and the return of deposits.

Goldenseal creates Rental Transactions automatically when you use the Billing command for rentalsí usually that is the easiest way to handle property rental income.  You can also enter Rental Transactions individually for unusual items such as damage charges or finance charges.

Entering Rental Transactions

To enter a Rental Transaction, follow these steps:

  1. Choose Rental Transactions from the Income menu.
  2. Click the New button, or choose New Record from the Edit menu.
  3. Enter details for the transaction.

QUICK SETUP HINT -- It's easiest to create Rental Transactions with the Rental Billing command.

Data Fields

Enter the following information for each Rental Transaction:

Tenant-- Enter the name of the tenant, as they appear in a Lease.
Property-- Goldenseal fills in the property for which this transaction applies.
Rental Unit-- Goldenseal fills in the rental unit for which this transaction applies.
Brief Description-- Enter a brief description for this rental amount.
Amount-- Enter the total amount due.

Date-- Today's date is entered automatically. Change the date if desired.
Record Number-- A record number is entered automatically.
Transaction Type-- Choose the type of rent being paid.
Payment Method-- Choose the method of payment used for this transaction.
Details-- Enter details for the payment method.
Comments-- Enter any comments that apply to this transaction.

Transaction Types

Each rental transaction can be one of several types:

Standard Rent-- For ordinary rent or lease payments.
Deposit-- For damage or security deposits paid at the beginning of a lease.
Key Deposit-- For key or other deposits paid at the beginning of a lease.
Last Payment-- For payment of the last month's rent or lease in advance.
Finance Charge-- For interest and penalties on overdue payment.
Sales Tax-- For sales tax on lease payments, if it is applied. In the Details column, enter the sales tax rate that is used.
Damage Charge-- A charge you are making for damages to the property.
Other Charge-- For any other charge that applies to a rental.
Deposit Refund-- For the return of damage or security deposits at the end of a lease. This amount is restricted to the amount originally paid for a deposit.
Key Refund-- For the return of key or other deposits at the end of a lease. This amount is restricted to the amount originally paid for the deposit.
Last Payment Used-- For application of the pre-paid amount to the last month's rent or lease payment. This amount is restricted to the amount originally paid.
Other Credit-- For any other credits or refunds that return money to the tenant.

Rental Transaction Status

Unpaid rental transactions have Entered as a status.
When a bill has been printed for a rental transaction, its status changes to Billed. You can also change to Billed status by choosing the command.
When the transaction has been paid, the status is automatically changed to Paid.
If a rental transaction has not been paid, after the due date its status will change to Overdue.
To enter a possible future rental transaction, choose Planned as a status.
To cancel a rental transaction, change its status to Void.

Using Rental Transactions

For rent that is paid on time, follow these steps:

  1. Choose Billing from the Bank menu, and choose Rentals from the submenu.
  2. Turn on the checkmark next to each tenant who is paying rent now.
  3. You can double-click in a tenant to see which rent payments are due now.
  4. Click the Create Bills button.
  5. You'll be asked for a payment method.  Enter the form of payment you are receiving, then click OK.
  6. Goldenseal automatically creates Rental Transactions for the rent that is currently due.
  7. Choose Deposit Funds from the Income menu.  Enter Rentals into the Type popup at upper right.
  8. Deposit the funds to your favorite bank account.
For rent that is late or that requires formal bills, follow these steps:
  1. Choose Billing from the Bank menu, and choose Rentals from the submenu.
  2. Turn on the checkmark next to each tenant whose rent is due.
  3. You can double-click in a tenant to see which rent payments are due now.
  4. Click the Create Bills button.
  5. You'll be asked for a payment method.  Enter Billed, then click OK.
  6. Goldenseal automatically creates Rental Transactions for the rent that is currently due.  It also creates Billing Records for the amount currently owed.
  7. Choose Print Forms from the File menu to print bills.