Tenant Credits

Overview

To turn an overpayment into credit, open Financials → Bank Feeds → the To Review tab, open the payment's Reconcile action, set the Type to Tenant Credit and click Reconcile. Rent a tenant has already overpaid sits in its own ledger, so journal it across to the tenancy's credit first. Apply that credit later when you create a tenant invoice, or from the Tenancy Information panel of an existing one.

Turn an overpayment into tenant credit

Open the bank feed

In the sidebar, open Financials → Bank Feeds and stay on the To Review tab, where payments waiting to be reconciled sit.

Start reconciling the payment

Find the tenant's payment, open its actions menu and click Reconcile. The Reconcile transaction window opens.

Choose the Tenant Credit type

In the payment's row, open the Type dropdown and choose Tenant Credit.

Point it at the tenancy

Set the Property and Tenancy the credit belongs to, and check the Amount matches the payment.

Reconcile

Click Reconcile. The payment is now held as credit against that tenancy.

Note: You can also reconcile the overpayment against a tenant invoice or rent instead of holding it as a Tenant Credit.

Move overpaid rent across to credit

Rent a tenant has paid ahead sits in the tenancy's Tenancy Overpaid Rent ledger, not in its credit. It can't be put straight onto an invoice, so journal it across to Tenancy Credit first, then apply the credit as below.

Start a journal

Open Financials → Journalling → Create Journal Entry.

Set the source

Under Source, set Ledger type to Tenancy, then pick the tenancy's Tenancy Overpaid Rent ledger as the Source ledger. Check the Available balance shown underneath.

Set the destination

Under Destination, enter the Amount, set Ledger type to Tenancy and pick the same tenancy's Tenancy Credit ledger as the Destination ledger.

Add a comment and confirm

Write a comment saying what the journal is for, then click Confirm on the Journal summary.

Apply it to the invoice

Open the tenant invoice and click Apply Tenancy Credit. See Apply credit to an existing invoice below.

Note: Tenancy Overpaid Rent and Tenancy Credit are the only tenancy ledgers you can journal from. Money already receipted to the tenancy's rent ledger can't be journalled out of it, because Tenancy Rent is only offered as a destination. If it was receipted in error, you may be able to reverse the original transaction instead, as long as the owner hasn't been paid out yet. See Reverse a Reconciled Transaction.

Apply credit when you create an invoice

Start a new tenant invoice

Open Financials → Invoices, stay on the Tenants tab and click Create.

Choose the tenancy

In Search for a property, owner, or tenancy…, pick the property and tenancy the invoice is for. The form stays locked until you do.

Enter the amount due

Enter the Amount due for the invoice.

Set the category and due date

Pick a Category and a Due date.

Choose who to pay

Set Pay to, either the property owner or your agency. If you choose Your Agency, a required Fee account field appears. Pick one before saving, or the save is blocked.

Use the tenancy's credit

If the tenancy has credit, a Use tenancy credit? ($…) choice appears with the available amount. Set it to Yes to put that credit toward this invoice. This choice only shows while you're creating the invoice. On one that already exists, use the button in the panel instead.

Save

Click Save.

Apply credit to an existing invoice

Open the invoice

Open Financials → Invoices, and on the Tenants tab click the tenant invoice you want to credit.

Check the credit balance

In the Tenancy Information panel on the right, check the Tenancy Credit balance shown for the tenancy, next to its Arrears Balance and Water Credit.

Apply the credit

Click Apply Tenancy Credit. Keyhook puts the tenancy's available credit toward the invoice's outstanding balance. Water credit is applied separately with Apply Water Credits, which shows for finance users and principals.

Note: Apply Tenancy Credit is greyed out when the tenancy has no credit to apply, or when the invoice is already paid in full.

Frequently asked questions

Why can't I choose Tenant Credit when reconciling a payment?

Tenant Credit shows on money-in (credit) transactions. If you'd rather not hold the overpayment as credit, reconcile it against a tenant invoice or rent instead.

Where do I see how much credit a tenancy has?

Open any tenant invoice for that tenancy. The Tenancy Information panel shows its Tenancy Credit balance, alongside its Arrears Balance.

The tenant has overpaid rent. Why can't I put it on their invoice?

Overpaid rent and tenancy credit are two separate ledgers, and only credit can be applied to an invoice. Journal the amount from Tenancy Overpaid Rent to Tenancy Credit first (see Move overpaid rent across to credit above), then apply it.

Why is Apply Tenancy Credit greyed out?

It's disabled when the tenancy has no credit left to apply, or when the invoice has already been paid in full.

Can I refund a tenant's credit instead of applying it to an invoice?

Yes. Credit that won't be used up by invoices can be paid back through Financials → Tenant Refunds. That screen refunds overpaid rent as well as credit, each in its own row. The tenant needs valid bank account details on file before Keyhook can pay it out.