Why reconcile payments?
Once the tenant's payment has been assigned to the corresponding contract, the balance will be updated, but the application doesn't always know what the payment corresponds to. Is it the rent for the current month? Or is it clearing past debts?
Without reconciliation, it’s not always easy to know. And therefore, it can be difficult to understand the origin of a delay. For example, some tenants forget to apply the rent indexation and continue paying the old rent, while others forget to adjust the annual charges but still pay the rent, etc.
Reconciliation of payments allows you to precisely identify the amounts that have not been paid by the tenant and communicate it effectively to them.
How does it work?
Most of the time, reconciliation happens automatically, but in some cases, it’s not possible. An alert will then appear on the contract balance, allowing you to proceed with the reconciliation manually.
Click on Reconcile my payments.
You will see the list of payments to reconcile. Select one and reconcile it with the pending amounts due that are proposed. If the corresponding amount due doesn’t exist yet, you can also add it from this screen and reconcile it immediately.
Want to see all reconciliations?
Click on Reconciliation table from the balance.
This table is divided into two parts, grouping different types of transactions:
On the left: | On the right: |
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The amounts on the left can be reconciled with one or more amounts on the right.
Examples:
A. Clearing past debts
The tenant forgot to apply rent indexation for 6 months and is now paying the difference all at once. You can reconcile this payment received (on the right) with the rents that were partially paid over the past 6 months (on the left).
B. Granting a discount on the next rent
You grant a discount to the tenant on their next rent because they covered some repairs. You need to add the discount, which will appear on the left, and reconcile it with the rent due for next month (on the right). When the actual payment is received (on the left), you'll easily reconcile it with the reduced rent (on the right).
C. Refunding a tenant
Your tenant advanced payment for a boiler repair and is asking for a refund. To have it appear in the balance, you need to enter the amount to be refunded and the outgoing payment, then reconcile them together. This way, you'll know that the refund has been processed.