Some time after a charge has been entered, you will want to record payment. The charge may be an invoice from a vendor, a utility bill, rent, your management fee, a security deposit, etc.

First you need to navigate to the charge. For most charges the natural place is the Property Details page for the related property. However, all outstanding charges can be found on the Unpaid Charges report.

Click the action menu for the charge and select Record Payment.

Fill in the details on the New Payment form.

The form is broken into several steps. Step 1 is to record any new funds received (such as a rent check). Step 2 is to specify the amount to be applied to the charge. Step 3, if necessary, is to specify the payment method. Step 3 only applies to external charges.

Step 1 - Money Received

Credits funds to the Payer's account (tenant, for example, when paying rent). Complete the fields that are important to you. Leave the rest blank.

Common Mistake: Record exactly the money received. The amount here should match the check.

TIP: If you received more than one check (two tenants splitting rent, for example), click the green "more funds" button and record the checks separately.

Step 2 - Apply Payment

Deducts the specified amount from the Payer's account and credits it to the Payee's account. In the rent example, the amount entered here will be subtracted from the tenant's account and added to the owner's account.

Step 3 - Payment Method (external payments only)

For external payments (where money is actually leaving your trust account) there is a third step specify the payment method. Here you can select to print a check using Rentables.

Internal vs External Payments

Payments can be classified as internal or external

Internal payments are payments where funds don't actually leave your trust account. Rather they are re-allocate from one person to another (tenant to owner, for example).

External Payment are payment where funds are actually disbursed from your trust account to the payee, typically a vendor.

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