The new invoicing system for Rentec Direct’s property management software allows you to customize the invoice date when moving a tenant into a property, eliminating dual invoices and making the accounting process more efficient.
At Rentec Direct, we know that in the ever-evolving landscape of property management and real estate, it’s crucial to stay attuned to the needs of our clients. We’ve just made some recent changes behind the scenes that we believe will be exciting news.
Invoicing System Update Within Your Rentec Direct Software
In your Rentec Direct software, your invoicing system has undergone a few strategic changes. Traditionally, when a tenant is moved into one of our properties, our system has been configured to automatically generate both a pro-rated invoice for the current month and the invoice for the following month. This approach, while functional, had its limitations and we heard your desire for improvement.
We have transitioned to a new method of generating invoices that we believe not only streamlines our processes but also enhances the overall experience for our clients. Under the previous system, generating invoices for two consecutive months upon move-in could sometimes lead to confusion or create unnecessary complexities in financial tracking for our clients.
The updates to the invoicing system include:
- One invoice for the current month (full month or pro-rated)
- One invoice for the following month, based on the “invoice days early” setting
The benefits of the invoicing update allows more flexibility and options to accommodate various lease arrangements.
Newly Enhanced Invoicing Changes:
The new approach is elegantly simple: upon move-in, the software will now generate only the invoice for the current month whether it’s a full month or pro-rated. The invoice for the following month is automatically calculated and generated based on the “invoice days early” setting assigned to the tenant. This change eliminates the need for dual invoicing upon move-in and simplifies the billing process for everyone involved.
This single invoice encompasses the charges for the tenant’s first month in the property, making it easier for your tenants to understand their initial financial obligations.
Meanwhile, the calculation of the next month’s invoice is automated, taking into account the “invoice days early” setting for each tenant. This setting allows the software to tailor the invoicing process to the unique preferences of our clients.
For example, if a client prefers to receive their invoices 10 days before the start of the new month, our system will ensure that their next month’s invoice is generated with this lead time in mind.
If you preferred the way the system used to work (where it created the first and second month’s invoices), no problem – we have you covered! To keep this same functionality, when moving in a tenant just set “Create invoice early” to 30 so it immediately generates next month’s invoice. After the invoice is generated you can then set it to whichever value you want it to use moving forward (5-10 days is common).
Learn more about tenant invoicing in the Rentec Direct Knowledgebase: Place Tenant Into a Property | Move-In
Product Updates and Feature Enhancements for Rentec Direct
This product update is the result of valuable feedback and input from our awesome clients. If there is a new feature or a software enhancement you would love to see added to Rentec Direct, let us know at success@rentecdirect.com. We love hearing from our clients and value your suggestions.
About Rentec Direct
Rentec Direct is an award-winning property management software serving landlords and property managers across the United States. Features include online rent payments, tenant and owner portals, one of the industry’s largest vacancy listing syndication networks, full property, tenant, and owner accounting, 1099-MISC reporting and more. Rentec Direct was recognized as Real Estate Company of the Year in the 2023 American Business Awards®, and was named the Most Customer Friendly Companies of the Year in the 2022 Best in Biz Awards, has been named to the Inc. 5000 List of Fastest-Growing Private Companies for seven years in a row.