Payment Allocations

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Glenn Russell

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May 21, 2019, 2:07:32 PM5/21/19
to Buildium User Group for NARPM members
we were having constant problems with how money was allocated for tenant payments and finally settled on using the built-in automated function.

Application Settings /  Resident Global Settings / Payment allocations.

for example, we use this format to put money in the accounts as we have determined to work well for us.

Prepayments Edit

Automatically apply prepayments to balances on specific accounts

  • Late Fee Income
  • Late Fee Owner Income
  • Legal Fee Income
  • Processing Fee Renters Insurance
  • Rent Income
  • Rental Administrative Fee
  • Renters Insurance
  • Repairs Income
  • Utility Income

Payment allocations Edit

Apply payments using a custom account order:

  1. 1.Renters Insurance
  2. 2.Processing Fee Renters Insurance
  3. 3.Rent Income
  4. 4.Rental Administrative Fee
  5. 5.Security Deposit Liability
  6. 6.Utility Income
  7. 7.Repairs Income
  8. 8.Legal Fee Income
  9. 9.Late Fee Income
  10. 10.Late Fee Owner Income
  11. 11.Prepayments

==================================
Glenn Russell, Broker         (the other Glenn)
Coastal Group, Inc. Realtors
4634 Haygood Road
Virginia Beach, VA 23455
Cell: 757 - 641-7400
Ph: 757 - 233-9595 
Fax: 757 - 233-9696
Glennhruss...@gmail.com
http://GlennRussell.com
www.CoastalVirginiaProperty.com  ...search all 4 cities...
www.VirginiaBeachProperty.management

                 http://vimeo.com/36097429
Coastal Group, Inc. represents as clients, its Sellers and Landlords 
unless otherwise disclosed.  Please ask us about representation.

Rent PCHomesDirect

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Jun 15, 2019, 9:29:13 AM6/15/19
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Do payments get applied to only those accounts that have a non-zero balance?

Glenn Russell

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Jun 15, 2019, 10:06:25 AM6/15/19
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that is correct.
the "system" goes down line by line applying the amount of the balance
in each account in the order that you determine.  

If a  zero balance, it skips over that account.

It is wise to "audit" the results to ensure no odd-ball allocations,
but we have become very dependent on this additional automation
and efficiency.   Big time saver.

Glenn
   Cell: 757 - 641-7400

Glenn Russell, Broker

Coastal Group, Inc. Realtors
4634 Haygood Road
Virginia Beach, VA 23455
Cell: 757 - 641-7400
Ph: 757 - 233-9595 
Fax: 757 - 233-9696
Glennhruss...@gmail.com
http://GlennRussell.com
www.CoastalVirginiaProperty.com  ...search all 4 cities...
www.VirginiaBeachProperty.management

                 http://vimeo.com/36097429
Coastal Group, Inc. represents as clients, its Sellers and Landlords 
unless otherwise disclosed.  Please ask us about representation.


On Sat, Jun 15, 2019 at 9:29 AM Rent PCHomesDirect <pchome...@gmail.com> wrote:
Do payments get applied to only those accounts that have a non-zero balance?

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Aaron Silverman

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Jul 15, 2019, 1:36:38 PM7/15/19
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I just submitted a work ticket to Buildium asking how do I apply payments to the oldest charge first.  I know the answer is I cannot, but it is frustrating that such a simple and basic financial accounting practice is not built into their software.  

Bluefin

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Jul 15, 2019, 3:30:05 PM7/15/19
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Did you submit it as a request or whatever they call it. I agree it’s ridiculous. 

Ana Garcia
Bluefin Property Management 
Sent from my iPhone

On Jul 15, 2019, at 1:36 PM, Aaron Silverman <aa...@aaronsilverman.com> wrote:

I just submitted a work ticket to Buildium asking how do I apply payments to the oldest charge first.  I know the answer is I cannot, but it is frustrating that such a simple and basic financial accounting practice is not built into their software.  

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Aaron Silverman

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Aug 15, 2019, 5:57:06 PM8/15/19
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Yes, I did.  They do not have the ability/functionality to apply rent payments to the olderst charge first.  The customer service representative could not fathom why setting up rent to be applied by category is not good enough if it work 90% of the time.

I told him in financing it has to work 100% of the time.  The dude was clueless. 

I used to be a big Buildium fan but my patience is starting to run out....

Glenn Russell

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Aug 15, 2019, 6:04:06 PM8/15/19
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but it *will* pay the oldest charge first, *IF* that particular charge is a
higher priority in your allocations.

We ask our bookkeeper to eyeball all the auto allocations for
any of the people who are way behind to catch these items.

Glenn
   Cell: 757 - 641-7400

Glenn Russell, Broker

Coastal Group, Inc. Realtors
4634 Haygood Road
Virginia Beach, VA 23455
Cell: 757 - 641-7400
Ph: 757 - 233-9595 
Fax: 757 - 233-9696
Glennhruss...@gmail.com
http://GlennRussell.com
www.CoastalVirginiaProperty.com  ...search all 4 cities...
www.VirginiaBeachProperty.management

                 http://vimeo.com/36097429
Coastal Group, Inc. represents as clients, its Sellers and Landlords 
unless otherwise disclosed.  Please ask us about representation.


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