Processing tenant payments for receipting and reconciling can be a tedious task, and when you’re dealing with hundreds of tenancies it can be quite stressful.
To help lighten the load, we developed Tenant Download - a dedicated tool within our property management software, Property Tree that automates the receipting of payments for both residential and commercial tenancies, saving you heaps of time.
How exactly, you ask? Let's take a closer look.
1. It automates receipting of tenancy payments
Tenant Download automates receipting of tenant’s payments - which includes rent, bond and invoices- depending on the configuration you have set up. It does this by matching payments found in your uploaded payment files to your tenants, using the Tenant ID. Tenant Download will also send receipts to tenants via email (if they are set to receive email receipts), completing the receipting process.
2. It automates reconciliation of tenant payments
In addition to automating receipts, Tenant Download also automatically reconciles the receipted credits in your bank reconciliation. If you’re using the Auto Reconciliation feature in Property Tree, you will find that each payment credit needs to be clicked one at a time for it to be reconciled. Tenant Download, however, saves you from all the clicking by automatically reconciling all automatically receipted credits. All that’s left for you to reconcile will be the manual receipts.
3. It supports files from major banks and also 3rd party payment providers
Tenant Download accepts a wide range of payment file formats from a long list of banks and providers, so the file you downloaded from your preferred provider is likely supported. When configuring your Trust Accounts for Tenant Download, Property Tree will list all supported files available for a particular trust account, making it easier for you to choose which file type you want to process.
You can check out a list of supported financial institutions at the time of writing on the knowledgebase. Note that the file type is dictated by your bank or provider, so please check your file type with them and then confirm it is supported in Property Tree.
4. It saves time identifying issues with your transactions
Tenant Download will automatically produce a downloadable report of all tenant payment transactions once it’s done processing all your files, including rejected credits. In the report, you can view the reason why a transaction cannot be automatically receipted and what recommended action you need to take to resolve it. This is especially helpful when it comes to identifying credits that needs to be manually receipted - taking the guesswork out of the equation and saving you time.
5. It's a free feature that's easy to set up and use
Tenant Download is a free feature that comes with your Property Tree subscription which means you can start using it straight away once your Trust Accounts has been configured - no activation or extra payment required! To help things go smoothly though, we recommend ensuring you have given your tenants a Tenancy ID to use when making their payments and confirm you’ll be able to download supported payment files from your bank or provider before using Tenant Download.
To start using Tenant Download, just go to Configuration > Company & Trust Details > Tenant Download as an Administrator, or checkout the knowledgebase for more info. For a step-by-step guide on how to configure your Trust Accounts and how to use Tenant Download, watch our free webinar here.