New Features - 22 October 2018
The following new features are now available:
- Introduction of Effective Dates - we have introduced an additional field on Tenant and Landlord transactions called Effective Date. This field is required for a new version of the Portfolio Summary Report, but will also be used for some other planned report updates in the future.
- Bulk Feature Updates (Effective Dates, Append Feature and Select ALL) - The Bulk Billing features have been updated to provide for the selection of an Effective Date, the specification of Text to be appended to the Billing description field as well as a Select ALL choice. This will then also allow you to do Bulk Billing instead of Auto Billing, but still specify the Month in the description field.
- Auto generation and attaching of Tax Invoices - There is an additional Billing flag available from the Account Flags query called the Tenant Invoice flag. You can enable / disable the flag in BULK from the Auto Billing flags menu on the Lease flags query. When enabled, the system will automatically create and attach a Tax Invoice for the Tenant in addition to the normal Tenant statement when you use the Bulk Tenant Statement Feature. All Tenant Transactions not previously included will be included on the generated Tax Invoice.
- Bulk Letters of Demand and Auto Billing of LOD Fee - You can now use the Bulk Account Reminder feature under the Default Management menu to send Letters of Demand (LODs) to all Tenants in the list with the click of a Button. The system will attach the LOD as well as the latest statement and will also update the Default Record for the Tenant if such a record exists. In addition you can also specify a Letter of Demand fee on the Management settings under the Default Commission and Admin Fees panel. The system will then automatically bill this Fee to the Tenant Account if a Letter of Demand is sent from the system.
- Confirm Selected Payments as PAID on the Bank Payment Schedule - You can now also use a query to select a batch of single payments and confirm the selected payments in BULK. This is in addition to the Confirm All feature and Confirm individual payments features.
- One Step Submit and Approve Payment Splits - Administrators who have Allocation and Approval permissions, can now get an additional permission to Submit and Approve their Payment Splits in ONE STEP on the Allocations Dashboard that will essentially skip the Approval step and create the Bank Payment instructions immediately on the Bank Payment Schedule. This feature is however only for diligent responsible people who knows that the checking step now needs to happen directly on the Allocations Dashboard. It needs to be enabled specifically for an administrator and the system will also create an Audit trail entry when the feature is used.
- Tenant Payment Receipts (when it reflects) - You will now have the choice when you want the Tenant Payment entries to reflect on the Tenant Accounts. As you know the current methods requires at least a partial payment split of money received before the entry is made on the Tenant Account. If you want to use the alternate method, the payment will reflect immediately when the Bank Credit Transaction is posted. Using this approach might help you with your Reminder and Default Management processes since it would be easier to identify Tenants in arrears. For the period when there are unallocated money received from a Tenant, the Tenant Balance might not be equal to the Sum of the Tenant Category Balances. This has been implemented as advanced feature that you can request via a Support Call and then we will enable it for you.
- Auto Suggest Payment Splits when posting from Credit Bank - You will now also have the choice whether you want the system to automatically suggest payment splits as part of the posting process. We can disable this for you and you will then still have the option to use the Suggest feature on the Allocations Dashboard which basically does the same. If you do not want to use the suggested splits, you then do not have to remove them first before proceeding with your own splits. Once again, this has been implemented as an advanced feature and you can request us to enable / disable it for you by logging a support call. This feature might be best for you if your Payment Processing is very fragmented in other words, you make many payment splits over a long period of time before the full amount has been distributed.
- Generic Trust Creditor Ledger Accounts - You can now setup any number of Trust Creditor Ledger Accounts and then transfer funds to and from theses accounts. These accounts are not linked to any specific Lease and can typically be used as Suspense Accounts, Holding Accounts for Money Received from Landlords or any other party, etc. Please refer to the following article for more information on how to setup and use these Accounts.
- Summary Portfolio Report Options - The Portfolio Summary Report has been extended to include two options namely a High Level Summary option (Two pager) in addition to the current Comprehensive option. The detail has been included under the Portfolio Summary Report article.