Earlier this month we spoke about the importance of setting up a tenant payment system and the key things to avoid to ensure the system runs smoothly. When it comes to tenant payment systems, apart from ensuring you have a system in place, the next key thing is to limit the payment options available.

We have previously discussed why agencies should not offer too many rental payment options. Having too many rental payment options can be both costly and time consuming to your agency with too many accounts to reconcile.  So the key is to set up an effective tenant payment system with set payment options.

MAKE THE MOST OF WHAT YOU’VE GOT

Using your Existing Software for Your Tenant Payment System

If your agency already uses the Macquarie DEFT system or another similar tenant reference card system then you are one of the lucky ones. Your tenant payment system should be operating like clockwork.

However, if you are a start-up agency or are looking for a low cost alternative, then the answer could be right under your nose already. The system ticks all the boxes. It is unique in that it doesn’t use phone numbers, property addresses or tenant names. (Remember our ‘What to Avoid’ tips…)

But the clincher – it is already part of your existing software.

Yes that’s right. It’s as simple as allocating a tenant record ID from your software and assigning it to the relevant tenant. Too simple right?

The Benefit of Sticking to the System

Your software record ID is a unique number to each and every tenant. It can only ever be issued just the once. So there are never any double-ups to reconcile. There are no receipting errors, which make the whole process simple and streamlined.

Sound too good to be true? Well, it just got even better…

Questions…

  • Is your record ID number recorded in the tenant bank reference section?
  • Do you have the ability to import your bank transactions through your software?

If you answered yes to both then your life just got a little easier again. If you answered yes then your software will do the heavy lifting for you. It will match the IDs for you and you’ll only be required to quickly cross reference to ensure a match.

Is Importing Transactions News to You?

If you are reading this thinking, ‘I didn’t know I could import transactions into my software!’ then it may be time to reassess your banking and software providers.

Only some banks allow you to export the file format which is read by your software. And vice-versa, not all software support all banking formats. Generally, common banking formats such as QIF and TXN and OFX are supported.

If you’d like to know more about how your bank and can to your software, firstly check out our blogs on when is the right time to switch trust accounting software and our 10 step guide to switching trust accounting software and how to switch banks and stay sane. Switching banks and software providers is a big move but one that can pay off in the end if you are unhappy with your current providers.

~ Jane Morgan is the Director of End of Month Angels, a consultancy firm specialising in Trust Accounting. Jane knows the legislative requirements of running a successful Real Estate office through her 20 years industry experience. Don’t trust just anyone with your trust accounting. Trust End of Month Angels and get back to what you do best – growing your business.