Lesson 41-- Rental Management
This lesson shows you how to handle rental properties with the Goldenseal rental management software. If you don't own or manage rental properties, you can skip this lesson.
NOTE: You can also use the rental management features for long-term equipment leases. For short-term equipment rentals or for leases that include sales tax, use Sales transactions instead.
To enter payment terms for rental units, follow these steps:
When you sign a lease with a tenant, first create a Customer account for them (unless you already have one). To do so, follow these steps:
Then create a Lease transaction. To do so, follow these steps.
HINT: Goldenseal warns you if this lease overlaps an existing lease.
When you have signed a lease, change its status to Active.
When the lease is over and all payments have been completed, change its status to Completed.
If you cancel a lease, change its status to Void.
Rental transactions are a record of rent that is due. You can also use rental transactions for deposits, for damages or other charges, and for refunds or reimbursements that you give to your tenants.
To enter a rental transaction, follow these steps:
HINT: You can use the Billing command to automatically create rental transactions for damage deposits, last-month rent and regular rent (see Lesson 42).
The Job Costs command will show you expenses vs. income.
Other Rental Management Tools
You can use the following Goldenseal features to help manage rental properties:
In this lesson you have learned how to use Goldenseal software for rental property management.
You might want to take a break now and ponder how you would handle some unusual rental situations. For example, if you owned the White House, would you file eviction papers if the President's rent were overdue? Would his or her party affiliation make a difference? If you owned the Golden Gate Bridge, what color would you paint it? If you owned the Statue of Liberty, would you rent out the plaques for advertising?
Speaking of the Statue of Liberty, isn't that a darned chic hat that she's wearing? To create it required over 1,500 person-hours of work by skilled metal workers, plus 600 kilograms of copper plating and eighteen jumbo rolls of monument-grade duct tape.