A big part of property management is rent collection and Kodisher accounting software for rental properties works to make sure that collecting rent and managing tenant accounts works smoothly. There are many reasons why your property management needs to be online and why Kodisher is the right tool for the job.
After you have created properties and units in your Kodisher account, you can allocate them to tenants and the start receiving money on them. The allocation of a unit to a tenant is called a lease. It has a rent receivable, a duration (could be unlimited) and possibly some service charges. You can set Kodisher rent collection system to automatically generate invoices for your tenants. Kodisher can also automatically receive payments from various online payment channels.
Steps to create a lease:
- Create a property: Go to “Manage” > “Properties” > “Add new”
- Add units to that property. Open the property page and click “Add new”
- Create a tenant. Go to “Manage” > “Properties” > “Add new”. Kodisher also gives you the option to mass import tenants/units/properties easily with an excel sheet.
- Create the lease by allocating a unit to a tenant
You can add tenants to the system manually or automatically. Refer to this blog post to see how easy it is to get started using Kodisher property management software .
If you added tenants manually, you can allocate them a unit by going to “Manage” > “Tenants” on the top menu. It is also possible to add new tenants on this page. To add a new tenant you need their personal information, photo, photo of identity documents as well as their next of kin contacts.
Typology of Tenants
Kodisher now allows you to pick the type of tenant. e.g. the tenant is either an individul person, a company or a partnership. Once you pick the type of tenant, the property management system provides appropriate fields for you to fill to identify your tenant.
Scroll to the tenant you want and click on the ‘Assign’ button on the right. Note, however that some of the fields are not mandatory.
It looks like this:
Allocate a tenant to a unit
On the allocate page, you will enter the lease start date, deposit paid, date paid, payment cycle and deadline day to pay every month. The deadline pay day (latest date by which rent should be received) every month is necessary for determining when accounts become overdue.
You will also be asked to add additional bills that are recurrent every month. This could be security, service charge or any other charges your tenant is liable to pay.
NB. As the amount charged here will be automatically billed, you should only add fixed costs. Any costs that are variable should be invoiced on the system manually every month. An example for a variable cost is where tenants are billed for water according to usage.
Bills created on allocation
The Allocate tenant page is a billing page and no money is collected on that page. As you create the lease the following bills will be created in the tenant account:
- Rent deposit
- Rent for the current month
- Other deposits e.g. for water, electricity etc
After creating the lease the tenant account is created. If you search for the tenant on the ‘My Tenants’ page, you can view it. Alternatively, go via ‘Manage’ > ‘Properties’ page. Open the Specific property > ‘Occupied Units’ and select the tenant you want. Open their account and click ‘Lease Payments’.
After the account is created, it appears to be in arrears as the bills created on lease allocation transaction are pending until payment is entered.
The Lease payments page has information for all invoices charged to the tenant account as well as all payments made to the account. It provides in ope page, the summarized financial data for a particular tenant. The system automatically invoices the rent and other stand charges at the beginning of every month. The property manager then just needs to post the payments made by the tenant. The system then generates a complete statement.
The statement has both a running balance and a final balance. The deposit does not show in the statement tabulation.
It is possible to printout this statement page to a PDF for sharing or printing. It is also possible to send it on email directly from this page. You can click on any of the payment numbers (first) column to view the details of any specific payment or invoice.
On your account, you already have set up various payment methods e.g bank deposit, cash, mpesa etc. These online and offline payment methods are available on the payments page.
To add a new payment, click on the ‘Add Payment’ button at the top of the page. You will need the receipt amount, Receipt no (in case of money deposited to bank or via mobile money), payment method (linked to specific account) and a payment date (date when the money was actually paid). You have the option to notify the tenant immediately via an email or sms by checking the appropriate box. You can also upload a copy of the cheque or deposit slip and add a comment. Money received here shows up under the ‘Paid’ Column of the tenant’s account statement.
If you check the box to notify the tenant via email, they immediately receive a copy of the receipt (in PDF) on their email immediately after you save the payment.
You can view all tenant payments by going to ‘Tenant Accounts’ > ‘Payments’. This page lists all payments by all tenants. You can filter the data by payment method, property, unit (tenant) and the date the payment was made. It is also possible to generate a PDF of any payment made on this page. The receipt shows the Date, Receipt No (system generated), Paid by (tenant), Property, Unit and Received by (staff name).
Payments entered once on the tenant account also show on reports for the property, payments due to the landlord and on all other rent collection reports on the system that aggregate payments.
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