The Application Charges Policy allows you to set various rules as they relate to application charges.
This step-by-step guide will help you configure your Application Charges Policy.
Step 1: Navigate to Administration → Policies → Finance→ Application Charges
Step 2: Select into the organization policy to open it.
Step 3: Review items in each tab ( Rent, Deposits, Fee, Misc.) to tailor the policy to your company requirements.
Below you will find a detailed description of each area (tab) within the policy.
|
Rent tab Allow to set what is charged when application is submitted |
Include Rent Charges |
Includes the payment of rent charges with the application. |
| Include Prorate Only | Includes only the prorated amount to be included with the application. | |
| Include None |
Excludes any rental-related payments for the application.
|
|
|
|
*Please note that by selecting Include Rent Charges - the application charges will include first month rent and the pro-rated rent (if applicable/ included in your Billing Cycle). For example - if the tenant is moving in on January 15, the application will charge the tenant for pro-rated rent (if applicable/ based on the proration method outlined in the Billing Policy) AND the first month rent.
|
|
|
Deposits tab Allow to set if you want to collect deposits with the application |
By checking the box Include Deposits, the system will include ALL Deposits to be taken with the application, i.e. main security deposit plus key deposit. | |
|
Fee tab Allow to set application charges and fees |
Amount | The amount to be charged. |
| Payment | The amount above to be charged per Lease or per Applicant. | |
| Refundable |
By checking this box, the fee may be refunded later. |
|
| AR Code: |
Different types of fees can be mapped to different GLs in accounting as required. |
|
|
Misc tab Allow to set miscellaneous settings |
Process Payments on Approval |
By checking this box, the system will automatically process the payment on file as per the rules. By not checking the box, the charges will be processed on submission of the application. |