Setting Up and Requesting the Tenant's First Account

This knowledge base article covers the process of setting up and requesting the tenant's first account, which typically includes the first month's rent and the security deposit (less the holding deposit).

Prerequisites

• The holding deposit must have been requested, received, and reconciled with your bank.

• All referencing and paperwork for the tenancy must be completed.

Step 1: Access the Tenant First Account Action

1. Navigate to the Tenancy Accounting tab for the preparing tenancy.

2. Go to Actions.

3. Select Tenant First Account.

Step 2: Review and Configure the First Account Details

This action is designed to calculate the initial payment due and set up the rent schedule simultaneously.

1. The system will automatically calculate the amounts due:

   • First month's rent.

   • Security deposit.

   • Less the holding deposit already paid.

2. Review the Rent Schedule Setup.

   • The system will attempt to set up the rent schedule based on the tenancy start date.

   • If the rent due date should not be the first day of the tenancy, you have the option to untick or adjust these items as necessary.

In an ideal scenario, this action will automatically:

• Request the first month's rent.

• Request the security deposit (minus the holding deposit).

• Send the tenant a request for the remaining balance.

• Set up the recurring rent schedule.

Step 3: Verify Landlord Fees (Optional but Recommended)

• At this stage, it is good practice to double-check that your landlord fees are correctly configured.

Step 4: Submit the First Account Request

1. Click Submit my first account.

This action finalizes the setup by:

• Setting up all necessary payment components in one place.

• Automatically allocating the previously received holding deposit against the tenant's first rent payment or overall balance.

Need Further Assistance?

If you have any questions, please reach out to the support team:

support@loop.software