How best to set up tenancies financials when handling housing benefits

Modified on Wed, 21 Feb 2024 at 11:01 AM

This article examines
  1. Why set up alternate analysis codes to compliment the different rents and receipts
  2. Setting up rents (charges)
  3. Setting up receipts (receipts)
  4. What does a tenant statement look like
  5. What does a 3rd party owner statement look like
  6. Examining a statement

Why set up alternate analysis codes to compliment the different rents and receipts

Setting up specific analysis codes to handle the various rents collected will be important in order to analyze the various forms of income. When setting up the analysis codes its is important that they are set up taking into consideration:
  1. Whether the portfolio is managed for a 3rd party where any rent is passed on
  2. Whether the portfolio is self-managed
In this scenario, we will look at the following:
  1. Housing benefit rent (HB rent)
  2. Housing benefit receipts (HB receipts)
But the same will apply to any other transactions for example
  • Universal credit rent
  • Universal credit receipts

Setting up HB rent (charges)

This linked to creating analysis codes The important thing to note when doing this:
  • Creation an opposite type called HB receipt (Shown in setting up the receipt below)
  • With 3rd party, management:
    • Ensure the associated recurring deductions are ticked (so that it enables any management fees to be applied). This will ensure when paid off it applies an associated recurring charge such as a management fee
    • Ensure create property owner transaction is ticked so that a tenancy receipt is created on an owner statement
    • Ensure the opposite type is tenancy receipt so that appears on the owner statement

Setting up HB receipts

The important thing to note when doing this is:
  • Creation an opposite type to HB rent (Shown in setting up the rent above), so when its paid  either by paying off the rent or creating a receipt it shows on the tenant statement as HB receipt
  • Leave other boxes clear as shown

What does the tenant rent statement look like when paying off the rent


5. What does the owner statement look like when the rent is received



Reports can be created to analyze individual codes    

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