Tenancy Top-Up Scheme (Rent Guarantee)

This article includes: 

• Set up a new fee category
• Set up the Tenancy Top-Up Scheme
• Set up a new Contractor status
• Activate the scheme on each Tenancy
• Set up the Contractor
• Transfer float money for the scheme
• Setup complete

Set up a new fee category

If you use the Fee Categories, it is advisable to add a new category named Tenancy Top-up.
For more information on Setting up additional fees and categories in User Defaults, click here

Set up the Tenancy Top-Up Scheme

1. Click Defaults on the main toolbar
2. Click User Defaults on the dropdown menu
3. Click Preferences
4. The General tab will be displayed
   1. In Tenancy Top-Up Scheme located on the bottom of the first column, tick Activate
   2. If you tick Automatically Allocate Top-Up when Paying Landlord, it will assign top up monies as soon as you open Landlord Payment. If you are new to Tenancy Top-Up, we recommend leaving it unticked
   3. Set the Tenancy Top-Up Default % Fee commission as required
   4. Type a Default Fee Description 
   5. Fee Cat - Select the new category Tenancy Top-Up

Set up a new Contractor status

A new contractor status named Tenancy Top-Up Scheme will need to be created as Listed.
For more information on How do I add a new status, click here

The new status name will be Tenancy Top-Up Scheme and tick the List box.

Activate the scheme on each Tenancy

You need to activate the scheme on each Property record to enable the Tenancy Top-Up facility.

1. Double click Properties from the side menu
2. Select the first property in the list
3. Click on the Fees tab
4. Click on the Additional fees tab
5. Tick the Tenancy Top-Up Scheme box
   1. The percentage commission is added as entered in Tenancy Top-Up, User Defaults
   2. The category is added as entered in Tenancy Top-Up, User Defaults
   3. Repeat the steps for each Property which you want the scheme to apply to

Set up the Contractor

1. Create a new Contractor called Tenancy Top-Up Scheme
   For more information on How do I add a new Contractor, click here
2. Select the Status of Tenancy Top-Up Scheme, which you created in the steps above
3. Tick the Tenancy Top-Up Scheme box
4. The Works order and expense buttons are removed and replaced with invoice and receipt
5. Click the disk icon, Save this record, on the toolbar

Transfer float money for the scheme

You will need to transfer the money to be held as float for the rent scheme into the client account.

1. Locate the Contractor created in the steps above called Tenancy Top-Up Scheme
2. Click Invoice 
   1. Create a Miscellaneous invoice for the amount you are transferring to the client account for the Top-Up Scheme
   2. Click Update
3. Click Receipt
   1. Change the Receipt Type to Cash from the dropdown menu
   2. Receipt the amount you transferred to the client account
   3. Click Update
4. Click Cash a/c
   1. View the transactions of both the invoice and the receipt

Invoice

Receipt

Contractors Cash A/C

Setup complete

The money is now on the Contractors Cash Account, ready to start to use.

Once you have set up the Tenancy Top-Up Scheme, the below steps run through how to use it and how it works.

This article includes: 

• Calculate Tenancy rent invoices
• Pay Landlord using the Top-Up Scheme
• Tenancy receipt after Top-Up applied
• Top-Up Scheme settings in User Defaults

Calculate Tenancy rent invoices

To use the Tenancy Top-Up Scheme, all rent invoices need to be calculated to show on the Receipt screen.
For more information on How do I calculate rents and what is their meaning, click here

Pay Landlord using the Top-Up Scheme

1. Double click Landlords from the side menu
2. Search for the relevant Landlord using Search Text by Name, Code or Status
   1. Alternatively, find the Landlord using Additional Options from the dropdown menu
   2. Or select a Branch if multi branch is set up on your CFPwinMan
3. Click on the Landlord
4. Click Payment
5. Click Apply Tenancy Top-Up
   1. If you ticked Automatically Allocate Top-Up when Paying Landlord in User Defaults, the Apply Top-Up button will not be there as the Top-Up is automatic
   2. The Top-Up credits will appear against the rent invoices in the grid
   3. If you set a Tenancy Top-Up Default % Fee commission charge in User Defaults, you will see the charge raised against the Landlord
6. Check the Landlord Payment screen and update to pay the Landlord as normal

Tenancy receipt after Top-Up applied

• On the Tenancy Information, Receipt screen, you will see the invoice item has changed from Rent to Ty Top-Up (misc)
• CFP recognises the Landlord has been paid without monies actually being received and allocates the invoice against the Tenancy Top-Up Scheme so when receipted, the money is paid back into the Scheme
• When the Tenant pays, receipt the money in as normal against these invoices for the money to be posted back to the Tenancy Top-Up account in the Contractor record
• You will see all transactions on the Contractor Cash Account and the fund being topped up

Top-Up Scheme settings in User Defaults

If you are unsure whether your User Defaults settings are correctly set up for the Top Up Scheme, please see Set up the Tenancy Top-Up Scheme above.