Amount In Credit

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"Amount in Credit" is the term assigned to any amount of rent paid which can not fully pay the Rent Amount required for a Rent Period.  It may be the result of a single receipt or accumulated over a number of receipts and is carried forward from one Rent Period to the next.

The Aspect Property Manager works on the same basis as you have in your Rental Agreement.  That is to say, the tenant agrees to pay you an amount of money for the occupancy of a property for a set period, typically, a week, fortnight or calendar month.

So, the Paid To date in the system will only be advanced when you receive, or have accumulated, at least one or more multiples of the Rent Amount, i.e. sufficient to fully pay for one or more complete Rent Period's occupancy. 

If the rent received, plus any existing Amount in Credit, is less than the rent amount required to fully pay for a rent period, the Paid To date will be unchanged but the rent Amount in Credit will increase by the amount of the new rent received.

Similarly, when the sum of  the rent received, plus any Amount in Credit, is more than the rent amount required to fully pay for a rent period or periods, the Paid To date will be advanced by the number of rent periods paid in full and the sum reduced by the rent required for the rent period(s) .  Any surplus will be held as an Amount in Credit and automatically applied to the next rent receipt when the same rules will be applied.

It is displayed on the main Tenants screen as "Amount in Credit", in the transactions grid "Amount in Cr" column and on the Tenancy Tribunal Report as "Rent in Cr".

This means that it is possible for a tenant to show up, correctly, on the Tenant Arrears report but also show as having an amount of rent in credit.  They are behind with the total rent owing at the reporting date.

Notes

After paying the full Rent Amount no attempt is made to apportion anything "left over" to a number of days.  Inevitably there will be something left over even if that approach was taken.  Anything less than  the full rent period's rent becomes an "Amount in Credit".

The rent showed as owing by the tenant on the main screen financial summary panel and in the tenant transactions does not have the Amount in Credit deducted from the values shown, they are net amounts, after the Amount in Credit has been taken into account.

The landlord account has received the Amount in Credit and it will be paid out to the landlord.