Receipts on Collections


Unit Owners in Collection

Typically, every non-rental project managed should have a special unit that has been created called 'COLLECT.' For residents in units that are owned, there could be many reasons why you might want to use the 'COLLECT' unit. By creating this special single unit, you avoid the necessity of creating an extra unit for every resident that moves out and owes funds to the project. This single unit can keep the balances due on ALL residents that moved out and owed money. This is because every charge you might enter on the 'COLLECT' unit allows you to identify the resident that this charge belongs to.

If you want to move the balance on an active unit over to the 'COLLECT' unit, simply add up the total for each different gl account#, create a credit invoice for that amount, and create the charge in the 'COLLECT' unit. For example, if a unit has 32 total invoices outstanding and these are broken down into four different accounts with different totals for each one, simple create four credit invoices on the active unit and create four invoices on the 'COLLECT' unit for the same amount, except with a positive balance. Apply the credit invoices to the

Previous Owners in Collection

Typically, management companies do not keep track of balances remaining from residents, on the accounting system, when those charges exceed their security deposit. They certainly might keep track of it off the system by forwarding the information to credit card companies etc. As a result, they usually do not have a 'COLLECT' unit. If a payment is received by a past resident that owes money, then typically a charge is created in the 'OTHER' unit for the receipt and the funds are posted to that invoice.

Contact your Advantos representative if you want to handle your balances due on rental type units differently than just described.

Copyright © 1985-2024 - Advantos Systems, Inc. - All rights reserved.