Adding a tenancy

This article will look at:

1. How to add a tenancy
2. How to set you default position when adding a tenancy

Adding a tenancy

This can be completed from a lot of areas within the system. The most popular are: from within a viewing, from within a unit and from the Add button at the top of the screen. 

Step 1 - Tenancy Details:

Select the correct Tenancy Type

• Residential
• Commercial
• Short stay
• Long leaseholder

Select the correct Tenancy Status Ensure the status is correctly chosen, if you're still unsure then read this article on understanding the tenancy status

• Prospective – A tenancy that is not definitely moving in, e.g. they have put down a holding deposit but awaiting references
• Approved – A tenancy that is approved and is waiting for the start date of the contract
• Current – A tenancy within the fixed term period of the contract
• Periodic – A tenancy on a periodic rolling contract, e.g. no end date
• Ending – A tenancy ending/moving out on a specific date, e.g. you have served notice or they have given notice
• Past – A tenancy that has ended
• Rejected – A tenancy that never happened, e.g. failed referencing or pulled out

Update all other fields

• If there is more than one tenant named on the contract, use the drop-down
• Enter the start and end dates that are on the contract, alongside the duration (if you enter the start date and duration, Arthur will work out the end date for you)
• Update the contract type
• If you used a 'find only' letting agent, enter their details

Step 2 - Contract Rent: This is for information ONLY at this point it does NOT create any transactions.

• If a deposit is taken and not registered with a scheme (i.e. if the tenant is on a license), select the registration not required tick box
• If you are expecting individual payments from each tenant, select the Split rent tick box
• If your Rent Frequency is not listed, click here to learn how to add a bespoke frequency
• The bank account is the account the tenant(s) will be paying their rent into
• The Deposit account is the account where the tenant(s) initially paid their deposit into, not where it is held
• For social housing clients, there is an option to say who is paying the rent

Step 3 - Tenant Details: This step is for adding in the tenant details, as well as creating the recurring rent transactions.

1. Starting on is when you want the recurring charge to be created
2. The period is the period that the rent is for
3. The expected payment date is when you expect the payment to be made. This is very useful for universal credit or if you have allowed your tenant a grace period
4. Pro-rata if you apply the recurring from the next period Arthur will work out what is expected as a pro-rata amount and create a transaction on page 4 of the add tenancy screen

Step 4 - Move in transaction and property owner recurring charges At this point you are creating;

1. One-off transactions payable by tenants or owners (a move-in statement for new tenancies or opening balances or liabilities for existing tenancies)
2. Property owner recurring fees (used by letting agents only). Fees payable by the owner and can be recurring or added as individual transactions. The management fee type is either
   • Fixed - never changes, regardless of if a tenant pays their rent or not and how much they pay
   • % Rent Charged (Start date of collection required) - receive a percentage of the rent charged to the tenant, regardless of if they pay the full amount or not
   • % Rent Received (No dates required as it will apply when rent is received not charged) - receive a percentage of the rent received from the tenant, if the full amount is not paid then the full management fee is not received.

HINT - tick the box that says 'at remittance' to have Arthur calculate one bulk management fee at remittance, rather than having single management fee transactions calculated each time rent is received.

Setting your default position when adding a tenancy

To help clients with specific portfolio limit their errors when setting up a tenancy you are able to set your default position for the following information, Click here to see more

• Tenancy type
• Contract type
• Duration of the tenancy
• Rent frequency
• Whether the deposit is a registered deposit or not

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