Overview of a unit rental’s accounts
In this video, you'll learn:
- How to track customer funds through the different account sections in an occupied unit rental, including deposits, prepayments, revenue, and charges.
- Understanding the "Deposit" account for tracking customer deposits and managing refunds during move-outs.
- Using the "Prepayment" account to monitor funds collected for future rental periods and their application over time.
- Tracking overall rental revenue through the "Revenue" account, including rent payments and any applied charges or discounts.
- Viewing mandatory fees, promotions, and discounts in the "Charges" account and tracking upcoming or expired charges.
- Navigating to specific invoices by clicking on items within these account sections.
By the end of this video, you'll have a clear understanding of how to monitor and manage the financial details of a unit rental in Storeganise.
Congratulations! You've reached the end of the Customer & booking management module. Continue your learning journey with the first video in the Invoicing and payments module.
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View the transcript
Unit rentals in Storganize have multiple accounts to help you track the different types of funds collected from your customers, along with any charges, discounts, or promotions applied.Within an occupied unit rental in the Management Portal, you can see these account sections on the left-hand side. The first is the "Deposit" account. If you collect a deposit when a new customer moves in, that amount will be stored here. When the customer moves out, the system will prompt you to decide whether you want to refund all or part of this deposit to the customer.
Next is the "Prepayment" account. This account tracks any prepayments collected from customers for future rental periods. You can see the total amount collected as well as how much has been applied to rental invoices over time. As prepayments are used up for new rental periods, the funds are automatically moved from the prepayment account into the "Revenue" account.
The "Revenue" account tracks all the revenue accrued from this customer's rental over time. This includes rent payments, prepayments, as well as any charges, discounts, or late fees that have been applied to their account.
Lastly, there's the "Charges" account section. Here, you’ll see any mandatory fees or charges added at move-in, as well as any promotions or discounts applied to the unit rental. While the prepayment and revenue accounts monitor funds that have already been collected, the charges account focuses on upcoming charges or discounts for future invoices. These will be shown with their associated date range, and once a charge expires, you can still view it here to keep track of past fees or discounts.
Finally, If you click on any item within the deposit, prepayment, or revenue accounts, you’ll be taken directly to the associated invoice where that line item was originally charged.