Accounting Tab Subsidy Tab Tasks Add New Scheduled Subsidy Receivable
This task is used to add a recurring subsidy receivable charge or concession to a tenant's ledger, such as a monthly charge for air conditioning. By adding the scheduled subsidy receivable, the system will automatically bill based on the frequency you have set up, so you will not have to add the charges manually.
When you use the task Add New Scheduled Subsidy Receivable, Property Manager will create a schedule and bill the open items according to the Start Date and Frequency. Items created from the monthly cycle are recorded in Event History as the Billing type.
When concession scheduled items are set up using this task, the resulting monthly concession will only be automatically applied to the rent charge with the same due date. You still have the ability to apply concessions manually with the Apply Credit task to any charge with any due date.
If a household rents an apartment and one or more amenities from the community, you can not add an amenity scheduled receivable with this task. This task will only allows you to add a scheduled receivable related to the apartment. To add a scheduled receivable related to the amenity, use the Add New Scheduled Receivables task from the Accounting Detail > General tab.
If the household is a non-resident who only rents an amenity, you can use this task to add a scheduled receivable related to that amenity.
A charge type for the charge or concession you would like to add must be set up in System Administration > Accounting Setup.
The receivable must not be a rent receivable, as rent billing is determined by the certifications on the Transactions Tab of the household.
You will not be able to a new scheduled item of the same charge type of an existing scheduled item when the expiration method is set to "Never" on the scheduled item you are trying to add (i.e. - the balance schedule overlaps an existing balance schedule).
Household Detail Accounting Tab Subsidy Tab Tasks Add New Scheduled Subsidy Receivable
Enter the following information.
o Payment Start Date: Enter the payment start date or select it from the drop-down menu.
o Voucher Source: Select the source of the voucher that the household is using.
o Type: Select the charge type from the drop-down list.
o Frequency: Select the frequency for billings or payments of Once, Monthly, Yearly, or Quarterly.
o Payment Amount: Enter the amount of the charge or credit. If you have selected a receivable type that is a credit charge type, such as Rent Concession, enter the amount as positive, not negative. The system will recognize that this is a credit balance receivable type and post it as a credit.
o Expiration Method: Select one of the following options to establish when the scheduled receivable will expire.
♦ Total Due: The scheduled receivable will bill the amount you set up each frequency you selected, until it reaches the total amount you enter in this field. Select the Bill Remaining Due at Moveout check box to have any unbilled balance on the schedule be billed when the household moves out.
♦ Maturity Date: The scheduled receivable will bill the amount you set up each frequency you selected, until it reaches the date you enter in this field. You would normally use the last day of the last period you want to stop billing, i.e. if the last charge you want is in May, you would type in 5/31/07.
♦ Never: The system defaults to this option. The scheduled subsidy receivable will bill the amount entered above at the frequency you selected, for the entire time the tenant is in that unit or until you manually stop the scheduled subsidy receivable.
o Calculated Entries: If you selected the expiration method of Total Due, clicking Calculate will display how many periods it will take to bill the total amount of the receivable.
Click Finished. An Overall Status window will pop up with a Passed or Failed message and display any GL entries that were created.
o If it failed, you may need to make a correction or contact Bostonpost Client Support at myMRI or contact a Client Support Analyst directly at (877) 579-8896 for assistance.
o If it passed, click Close.
The scheduled subsidy receivable will appear in the Scheduled Items section. If you entered a payment start date in the current month or in a prior month, the system will have billed the first billings as a Billing Correction in Event History and you will see the receivable balance in the Open Items section.
If you added a concession it will show as a positive number under Payment Amt. in the Scheduled Items section; however, it will bill as a credit if the charge type is set up correctly.
When adding a Scheduled Item that replaces an old schedule, the existing schedule will expired. You will receive a warning before this action is taken.
Q. How do I expire a scheduled receivable I set up with an Expiration Method of Never?
A. Highlight the receivable you would like to expire under Scheduled Items.
Go to Tasks and choose Maintain Selected Scheduled Receivable, then choose Maturity Date- enter a date that you want it to stop billing (see Maturity Date above.)
Click Finished. You will get the Overall Status window telling you if it passed or not.
The schedule item window should be updated and if you expired in current month it will disappear from that window.
Q. How do I increase (or decrease) the amount of a scheduled receivable?
A. Highlight the receivable you would like to expire under Scheduled Items.
Go to Tasks and choose Maintain Selected Scheduled Receivable, change the Payment Start Date to the date you want this change to be effective for, change the Payment Amount to the new amount, and click Finished. If the new Payment Start Date is in the past, Billing Corrections will have been created and the billing for next month will be at the new amount. If the new Payment Start Date is in the future, the Billing for that future date will be at the new amount.
Q. I added a Scheduled Receivable and chose the wrong charge type- how do I remove?
A. You first want to expire the incorrect one and then add a new one correctly.
Highlight the receivable you would like to expire under Scheduled Items.
Go to Tasks and choose Maintain Selected Scheduled Receivable, then choose Maturity Date- enter in the date right before the start date you used for the incorrect event, i.e. If you started on 5/1/06, enter in 4/30/06 as the maturity date.
Click Finished. You will get the Overall Status window telling you if it passed or not.
The schedule item window should be updated and if you expired in current month it will disappear from that window.
Then follow the directions to Add New Scheduled Receivable (at the top of this page) again.
A credit receivable charged out as a debit in error.
