Prepayment errors

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Devin Bewley

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Jan 22, 2020, 2:45:03 PM1/22/20
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Hey gang,
Are any of you having issues with Buildium not correctly applying prepayments? I have multiple owners that are not getting their full amount owed. I even have tenants being charged late fees even though the prepayment covered the rent that was due.
The only answer that I get from Buildium is that I need to place a charge on the tenants ledger and apply the prepayment to that charge. Any thoughts or advice would be greatly appreciated.

"I like to see a man proud of the place in which he lives.
I like to see a man live so that his place will be proud of him. " - Abraham Lincoln 
Devin Bewley
Managing Broker
Legacy Properties-PM LLC
Please let us know how we are doing for you http://legacyproperties-pm.com/review-us/

Sanford Collins

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Jan 22, 2020, 3:00:19 PM1/22/20
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Hey Devin,

We used the Prepayment functionality for a couple of months, but ultimately decided it was easier to manage manual so we turn Prepayments off.

We created an account called "Tenant - On Account" and set custom Payment Allocations so payments received when there are no charges on a ledger will be applied to Tenant - On Account.

We review the Tenant - On Account balances before we calculate commissions, then reclassify those payments to Rent Income (or the appropriate account). 

It sounds like a lot of work, but it's actually fairly quick to do on owner draw day, and you won't have to spend time explaining Prepayments to tenants and owners.

I hope that helps and let me know if you have any questions.

Thanks,
Sanford Collins
Director of Operations

www.annapolispropertyservices.com





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Devin Bewley

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Jan 22, 2020, 3:43:44 PM1/22/20
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Hi Sanford,
I would love to know more about what you set up when you have some time.


"I like to see a man proud of the place in which he lives.
I like to see a man live so that his place will be proud of him. " - Abraham Lincoln 
Devin Bewley
Managing Broker
Legacy Properties-PM LLC
Please let us know how we are doing for you http://legacyproperties-pm.com/review-us/

To view this discussion on the web visit https://groups.google.com/d/msgid/buildium-narpm-users/CABB0%3DQNT8QLgmQZAMV4W0adQFZKSyx39CCB1RfmH6q-jppNxPA%40mail.gmail.com.

Sanford Collins

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Jan 22, 2020, 5:08:20 PM1/22/20
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Hey Devin,

Absolutely, let's set up a call.  I'm slammed the rest of this week, but Tuesday afternoon works for me.  

Email me at san...@annapolispropertyservices.com so we can lock in a time.

Sanford Collins
Director of Operations

www.annapolispropertyservices.com

Ph:  410.570.5929  office

Ph:  410.670.7629  direct 





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Elm Management Group, LLC

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Jan 22, 2020, 5:23:58 PM1/22/20
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I use the prepayment and only time I have trouble is when it applies to my stacking order.  I have one tenant that we  have to go in each month and apply to rent first and then to late fee. As this is our agreement with this tenant, Otherwise with my company and the way the courts work here. Rent is applied last and all other  fee are taken first.  Check to see if you had a balance due that was applied to first  instead of the rent.

Sign note  every time Buildium does  a change there is always one or two of my accounts effect. 

Andie Stephenson
Broker/Property Manager/Notary

"We Love Referrals"

Elm Management Group, LLC              
Owner/Broker                                                    
9205 W. Russell Road #240                          
Las Vegas, NV 89148                           



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Devin Bewley

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Jan 23, 2020, 1:41:22 PM1/23/20
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That would be great. How about next Wednesday?

"I like to see a man proud of the place in which he lives.
I like to see a man live so that his place will be proud of him. " - Abraham Lincoln 
Devin Bewley
Managing Brokerld be great
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