Unit rental page
Overview
A unit rental has 3 accounts associated with it:
Deposit account
Holds deposits until the move-out date, when they can be refunded or transferred to revenue
Prepayment account
Holds money paid in advance (usually during move-in or if a customer 'renews').
Discounts are often provided in exchange for prepaying up front.
Revenue account
The main account, where most monthly income such as rent, charges etc. are stored.
When a new invoice is generated and there is money in the prepayment account, the system will transfer that money to the revenue account. In most cases this will cover the entire invoice and you'll therefore end up with a balance of 0 on the invoice. When this happens, the invoice is automatically marked as 'paid'.
Unit rental states
The rental states in Storeganise are updated based on user actions and system triggers:
Submitted: A rental application has been submitted but has not yet been reserved.
Canceled: A rental that was submitted or reserved has been canceled before moving in.
Abandoned: The rental process was started but not completed within a set timeframe. Abandoned orders.
Reserved: A unit is reserved for a customer, awaiting a move-in start date.
Occupied: The customer has moved in, and the unit is currently in use.
Ended: The rental period has concluded, and the unit is no longer occupied.
Active: A virtual state for 'reserved' or 'active'
Overdue: Payment for the rental is past due, the unpaid invoices should be paid to remove this state
Records are updated automatically as customers interact with the system, such as making payments, moving in or out, or when staff make changes to the rental status.
FAQs
"Balance would go negative" error - what does this mean?
When deleting an invoice or an invoice line item you may get this error message. It means that if the system allowed you to proceed with the deleted item, the account balance would go negative (below 0), which is not allowed. This usually happens with the prepayment account.
Imagine the following situation:
- You have collected $100 in prepayment in invoice A
- You apply $50 of prepayment to an account in invoice B
If you were to delete invoice A, the prepayment account would end up with a balance of $-50, which is not allowed. This is why the system prevents you from deleting invoices or invoice items that would make this happen.
How to fix this?
It depends on each situation, but this usually occurs from a misunderstanding of how prepayments work. You may need to start with the latest invoices and deleting 'prepayment applied' transactions from those invoices first, before you can go back and delete the original