Part payments and your first Keyhook owner statement (Palace migration)

A part payment is rent paid in credit: money a tenant has paid on top of a full rent period. It happens for all sorts of reasons. A tenant pays a few extra days to shift their rent due date, or they pay a little less one week and a little more the next. Because a part payment is always less than a full period, it can't move the tenant's paid-to date forward, so it sits to one side as a credit.

That extra $300 is paid out to the owner in their next payment, so the owner already has the money and the tenant is left showing a credit. The paid-from and paid-to dates on the owner statement don't move, because the payment doesn't cover a full period.

The tenant comes across with their paid-to date and any credits exactly as they stood in Palace.

Keyhook starts the first owner statement from the tenant's paid-to date. The rent they'd paid ahead comes across as a credit, and shows in green on the first line of the tenancy's Rent Ledger.

Using the example above, the tenant is paid up to 4 August, so that's where the first statement starts, and the $300 they'd paid in advance shows as a credit at the top of the ledger.

Important: To check the amounts and dates that came across, open the Palace Tenant Details report in the property's Documents section. The Rent receipting from date in Keyhook should be the day after the Rent Paid To date in Palace, and any rent in credit shows as a negative amount in the Initial arrears field, in step 2 of Set Up Tenancy. The Summary of Rent report doesn't show these dates and won't help you check the migration.

Copy this if an owner asks why their first Keyhook statement starts on a date they weren't expecting. Swap the figures for the ones on their property.

Why your first Keyhook statement may start on a different date

When your properties moved across to Keyhook, we brought every tenant over exactly as they stood in the old system: the date they were paid up to, plus any rent they'd paid in advance. Sometimes that means your very first Keyhook statement starts on a slightly different date than you might expect. Here's why, and why you can be confident no money has gone astray.

Tenants often pay a little extra rent: a few days' worth on top of a full week, perhaps to shift their payment day, or simply because their pay cycle doesn't line up neatly with their rent. This extra sits on their account as a credit. Importantly, that money was already paid out to you at the time under your old system, so it has already reached you.

Your first Keyhook statement starts from the date your tenant was paid up to. Any rent they'd paid beyond that comes across with them as a credit, so it's recorded against their tenancy rather than counted a second time.

Here's a simple example. Say the rent is $700 a week, which is $100 a day, and your tenant is paid up to the 4th of the month. They've also paid an extra $300, which is three days' worth. Under your old system that $300 was paid straight out to you at the time. In Keyhook, your statement starts from the 4th, and that $300 shows as a credit on their rent record.

The short version: nothing is missing. Any advance rent a tenant had paid reached you at the time it was paid, and it carries across as a credit rather than being counted again. From there on everything runs as normal weekly periods.

If a date on your statement ever looks off, just reply and we'll walk through the exact figures for your property.