How to Adjust Lease Rates Going Forward

Q. What would be the best way to record a lease extension at a new rent without compromising the accounting?
For example, We renewed a lease expiring on 12/31 for a higher rent. If I just modify the lease with the new expiration and the new rent, it will mess up the previous accounting and December’s rent. How can we accomplish this?

 

A.  The best way to handle this is to:

1. extend out the end date of the lease (don't modify anything else), click Refresh to load the new dates into the payment schedule, and click Save Lease.  Ignore any popups about moving payments (click Ignore). 

2. Then you can manually click into the due dates from any point (in the payment schedule at the bottom of the screen) and change them manually with the new amount, and then re-save the lease again.

OR:

Ignore step 2 and once you've saved the lease in step 1, just go to the Admin, Update Leases tab and increase the rent due from any point going forward - this will do everything in step 2, but without all of the manual adjustments.

More info about this function here: http://blog.123landlord.com/post/2014/08/28/Automatically-Adjust-Rental-Rates-Going-Forward.aspx