The third step required by Propertyware's
Setup Assistant is to customize your standard Lease Form, a template
comprised of late fee rules, non-sufficient funds rules and move-in charges. Although these settings will determine the
default rules set on new lease generated in Propertyware, any of these
settings may be modified on an individual lease.
Lease Settings
Your Propertyware Administrator
is required to configure the following settings:
Field Name
Description
Late Fee Rule
Set a formula for the fee assessed on
late rent payment.
Choose from the following type of late fees:
Per Day Fee - This is a straight-line
calculation of late fees which can be set to either a fixed amount or a
percentage of rent owed.
Range - This type of late fee allows
you to designate different late fee rules that will be implemented based
on predefined date ranges. With late fees that are set up as a range,
you can designate a late fee that is either a fixed amount or percentage
of rent owed, based on the number of days the rent charge is past due.
Initial Fee + Per Day Fee - This type of late fee allows
you to designate both an initial flat fee plus a subsequent fee per day
that is either a fixed amount or a percentage of rent owed.
Maximum - To set a maximum for the calculated
late fee, select Yes and enter an amount.
Non-Sufficient Funds Fee Rule
Set the formula for the fee charged
when a tenant's check bounces. Choose
from the following options:
Fixed Amount - This option creates a flat
fee charge. If you choose this option, enter the fixed amount in the Amount
field.
% of Payment - This option creates a charge
equal to a percentage of the amount of the bounced check. If you choose
this option, enter a percentage in the Amount field.
Security Deposit. Set a security deposit charge
either as a Fixed Amount or number of Months Rent. Select
the radio button for the appropriate option and enter the appropriate
number of months or amount of the security deposit.
Prorate Rent. Determine initial rent charges
by choosing from one of the following options:
Do Not Prorate. This option will charge the
full amount of rent for the first month.
Prorate First Month Based on
Move In Date.
This option will prorate the amount of the first month's rent based on
the Move In date. The proration rule is based on the actual number
of days in the month.
Prorate Second Month Based on
Move In Date.
This option will charge the full amount for the first month's rent. It
will then prorate the second month's rent amount based on the Move
In date. The proration rule is based on the actual number of days
in the month.
Other Charges Due at Move In. Create a one-time move-in
charge, i.e., an application fee or key deposit). To create a move-in
charge:
Designate an Income Account
where the charge is to be deposited, enter a Description of the
charge, and then the charged Amount.
To create a new Income Account,
click the Add Account option from within the Account drop down
menu.
To add an additional charge,
click the Add button and repeat the above steps.
To delete a charge, click the Del
link to the right of the Amount column for the appropriate
charge.
Once you complete these steps, click Next
at the bottom of the page to proceed to Step 4 of the Setup Assistant.
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