Rental Payment Terms

Use Rental Payment Terms to specify terms for rentals of real estate or equipment.

HINT-- Rental terms handle tenant payment terms in the Goldenseal property management software.

RENTAL PAYMENT TERM BASICS
Entering Rental Payment Terms | Data Fields
Using Lists | Using Rental Payment Terms

WEBSITE INFO LINKS
Property Management Software | Rental Management Software | Rental Property Software

Entering Rental Payment Terms

To enter a Rental Payment Term, follow these steps:

Choose Payment Terms from the Options menu, then choose Rentals from the submenu.
Click the New button, or click on an existing item and click the Edit button.
Enter details for the terms.

Data Fields

Enter the following information for each Rental Payment Term:

Name-- Type in a brief name for these payment terms. This is the text that will appear in clairvoyant fields.
Form Message-- Enter the text that you'd like to see printed on your bills.
Comments-- Type in any comments you'd like to make about this item.
Lease Period-- Choose a lease period.
Payment Due-- Enter the date when you expect payments to be received from the customer. Use the pop-up menu to determine how the due date is figured. If you select "days after bill date", the due date will be set as the entered number of days after the billing date. If you choose "th of the month", the due date will occur on the entered date that next follows the billing.
Grace Period-- Enter the number of extra days you allow before you really charge interest on overdue accounts. If you charge interest immediately, enter 0. The grace period is also used for early payment discounts.
NOTE-- The grace period is for your internal use only; it is not mentioned on tenant bills.
Discount-- If you give an early payment discount, enter the discount percentage to be used. Use the pop-up menu to determine how the discount expiration date is figured. If you select "days after bill date", the expiration date will be set as the entered number of days after the billing date. If you choose "th of the month", the expiration date will occur on the entered date each month.
Late Charge-- If you charge interest or penalties on late payments, enter the percentage interest rate that you charge. If there is a minimum interest charge, enter it also.
One Month Maximum Charge-- Turn on the checkbox if you add finance charges to invoices each month. Only the latest month's finance charge will be added to each bill. Turn the the checkbox off if you want the finance charge to cover the entire overdue period.
Base Date-- Enter a "starter" date for computing billing dates. The base date can be in any year.
Payment Dates-- Goldenseal automatically displays a listing of billing dates for this year. For most billing periods, you can't change the table. For custom billing periods, you can enter any billing dates into the table.

Using Rental Payment Terms

Enter rental payment terms in each Lease you sign.