Recording Rent Payments

Collecting rent in a timely manner can be one of the most daunting tasks we face as landlords and property managers. To help alleviate some of these burdens, Greenhouse PM provides an incredibly easy-to-use interface that allows you to record all of the necessary details with a single click.

There are two different interfaces that provide this one-click functionality: the Greenhouse PM Overview, and the Lease Profile.

Recording Rent Received via the Overview

The Overview - Rent Receivable

Any rental payments that are due in the next five days, are overdue, or are not paid in full will be included in the Rent Receivable list on your Overview page. When you receive a monthly payment from your tenant, simply find the corresponding Rent Receivable entry and click "Received" (late fees are automatically calculated in real-time, so if you adjust the received date late fees will be adjusted accordingly). Greenhouse PM will then update the Lease Schedule with this payment's received date, received amount, assessed late fees, and received late fees, as well as make all of the appropriate ledger entries in the Accounting module automatically.

Recording Rent Received via the Lease Schedule

The Lease Profile - Lease Schedule

The Lease Schedule essentially provides the same functionality as the Overview, but it does so in the context of a single Lease. You still have the ability to record rent with a single click and late fees are adjusted in real-time based on the Received Date that you select. From this interface however, you are also able to adjust to the Lease Schedule itself by making changes to the Scheduled Date or Scheduled Amount of a particular monthly payment.

Late Fee Calculation and Outstanding Balances

One important behavior to note is that late fee calculation is suspended once any amount has been received for a particular monthly payment.

For example, supposed you have a lease that specifies $800 monthly rent, due on the 1st of the month, with a $10 daily late fee penalty and a one day grace period. If you receive rent on the 4th, your tenant will have incurred a total late fee charge of $30 making their total required payment $830. If you record $800 received, Greenhouse PM will update the rent received amount to $800, set the assessed late fee amount to $30, and set the received late fee amount to $0. Because this single payment is considered not paid in full, it will continue to be listed on your Rent Receivable list on the Overview, but Greenhouse PM will NOT continue adding to the assessed late fee.

The same principle applies if the amount of rent that you've recorded is not a full month's rent. The reasoning behind this behavior is that if you have received any rent at all, it is likely that you have at least been in contact with your tenant and additional late fees should not be automatically calculated. You are still absolutely free to manually adjust the Lease Schedule and add additional Assessed Late Fees if the situation calls for it.