Renew Leases more easily with dedicated functionality

Prior to this update, whenever you wanted to renew an existing lease in 123Landlord, you had to either extend out the end date of an existing lease and re-save it, or you'd have to perform the Tenant Move Out procedure (see page 69 of the 123Landlord User Manual) and then create a new lease for the same tenant and property.

The problem with the first approach is that you don't get a record of the end point of the old lease, and you couldn't (easily) adjust the rent for the new lease going forward, without overriding a lot of payment periods manually and adjusting the amounts due.  The drawback to the Move Out procedure is that you aren't technically moving the tenant out, and you'd have to back in and re-enter a lot of the same info for the new lease.

Now we have added a more streamlined way to do this, which solves these problems and eliminates some of the double-entry.

From either the Tenants, Properties, or Dashboard screens there is a new icon and option (you might have to expand the tenant or property row to see it):

 

Clicking this button will display the Renew Lease screen:

You are now able to specify the terms of the new lease, including the start date, end date, and when the first payment is due (all subsequent payments are derived from this date).  The lease will recur at the same frequency as the original lease (monthly, weekly, etc) and much of the information (property, tenant, etc) will be copied over to the new lease.  The existing lease will be closed and archived.  Late fee information cannot be changed - if you need to change the late fee structure for the new lease you will have to create a new lease manually using the second (Move Tenant Out) method described above.

Note that you can increase/decrease the rent amount for the new lease.

If the old lease had any "Other" non-rent charges applied to it, the Renew Lease function will only copy over the ones that were set to recur whenever rent is due.  Fixed date charges will not be carried over; you will need to add these afterward manually.

Once you click Renew Lease, the old lease will be closed and archived, which means if there are any outstanding balances or payments due on it (for example, if you renew the lease before the tenant has paid last month's rent) - you likely won't see these charges on the Payments --> Payments Due screen unless you toggle the filter drop-down on that screen to "Include Closed Leases".  Then you can pay these items normally.