1.
Advance Payment:
a.
Short term: Tenant A makes a reservation from 12/1/07 to
12/31/07. He must pay the rent ($1,000) and accessories (pet fee
$200 and cleaning $100) all plus taxes 30 days in advance. The
operator enters the separate amounts in charges with the due
date of November 1, 2007.
On November 1
the payment arrives for $ 1,120 Rent, $224 Pet fee and $112 Cleaning
for a total of $1,456 and the operator enters the whole payment
in payments as a deposit in escrow.
On the rent
due report the charges will show up on November 2nd that this tenant
owes $1,456 in rent and has an overpayment in Escrow of $1,456.
On December
1, 2007 tenant A arrives and takes possession of his unit. The
operator, using the “Advance Payment” button, transfers the amount
from escrow to operating. PMM will automatically charge the
commission to the owner and post this amount, less sales and tourism
taxes on the owner’s account.
b.
Long term: Tenant B signs a lease for the rent of a condo
from Sept.1, 2007 until August 31, 2008 with first month’s rent
($1,000), last month’s rent ($1,000), and security deposit
($1,000).
The operator
enter with due date of September 1, 2007 in charges $1,000
security deposit as Escrow, $1,000 first month’s rent as rent and
$1,000 last month’s rent as rent. Then he enters the $1,000 first
month’s rent in payments in rent, the $1,000 security deposit
in escrow and the last month’s rent of $1,000 also in escrow.
In the rent
due report it will show in the first month’s rent nothing due in
rents but an overpayment of $1,000 in escrow. In the last month of
this long term rent in August, 2008 the operator will see the
missing rent of $1,000 and the overpayment of $1,000. Using the
“Advance Payment” button will transfer the last month’s rent from
escrow to operating, charging commission and giving a credit to the
owner’s operating account.
Note: If you have
two accounts (Operating and Escrow) PMM will generate in the banking
center a check issued in favor of the broker, to be deposited in the
operating account the same day of the transaction to meet the
reconciliation.
If you have only one account, containing both, escrow and operating,
the transaction must be marked in the financial center as an
adjustment. This keeps this transaction from being sent to the
banking center and generating a check.
