To download as PDF for a daily checklist, please scroll to the bottom of this guide.
This guide will show you how to perform the recommended CRM accounts processed to process a day from collect deposits/rent to paying landlords and sending statements.
Our recommended process is:
Daily
-
Collect ALL moneys via Bank Import
- Check for and collect any Deposits
- Check for an collect and Holding Payments/Deposits
- Collect Rents (if small number of collections may be easier to use than Rapid Collect)
Make any new Tenancies Live, add Landlord Fees
Complete any Vacating Tenancies
Register and Transfer Deposits
-
Add any Expenses
- Maintenance
- Landlord Fees
Perform Payments to Landlords/Contractor/Tenants
Create your BACS file and process
Send statements via Statement Merge
Ad-Hoc Tasks
Reconcile your CRM and physical Client Accounts
Chase any Overdue Rents
Collect and transfer your Agent Fees
HMRC Payments
Review Un-allocated Funds
Review Outstanding Invoices
Review Balances Report
Below we have instructions on how to perform each process shown above in the easiest way possible. There are often multiple ways to perform a task, here we are showing the easiest and best ways.
Collect and allocate Credits (Rents etc) via File Import
When using the file import method, ensure that tenant ‘Bank References are added to the financial tab in the Tenant record and that the tenant is made aware that they need to use these references when setting up their payment to you. The Bank Import uses the bank references supplied from the payment to match the bank reference used in the tenant record to match the payments.
How to import transactions into CRM accounts using the Bank Import process
You can still collect an individual deposit or rent. If you need to collect individual payments, click here.
Make new Tenancies live
Deposit invoices need to be created for new tenancies -
Collecting Holding Payment/Deposit: We suggest that this is brought into the CRM as ‘Unallocated funds’ (via Bank Import) making it both easy to pay against the first month's rent, or if required refunded to the Applicant.
Activating Tenancy
https://helpcentre.iamproperty.com/hc/en-gb/articles/35405382387473-Activating-a-Tenancy
Add any Landlord Fees: If there is an initial letting fee set on the property then this is charged automatically as are any recurring fees.
https://helpcentre.iamproperty.com/hc/en-gb/articles/44676235718673-Charging-a-Landlord-Fee
Complete Vacating Tenancies: Refunding deposits from scheme to landlord.
Terminate tenancy correctly
https://helpcentre.iamproperty.com/hc/en-gb/articles/44676620156817-Terminating-a-Tenancy-in-CRM
Overdue Rent: Overdue rents can be chased from a number of places. The best tile to chase rent from is the ‘Rents’ screen in the accounts dashboard where you can review all your overdue rents and chase them.
https://helpcentre.iamproperty.com/hc/en-gb/articles/41229611109521-Managing-Overdue-Rents
Deposits: Create a Deposit Invoice for Tenants, and process Deposit Transfers and Refunds in CRM
Create
Process
Expenses (Maintenance): In the Expenses tab check and invoice landlords for any maintenance that has been created and completed in Property Management.
Creating Ad Hoc Expense: How to log a maintenance job in CRM Accounts
Perform Payments: You will see the properties there with rent balance that you have collected rent for and you process these individually. On this screen for each individual payment, you will see the breakdown of deductions to be taken and the suggested amount to pay the landlord. This will also process any payable Contractor expenses and Landlord fees.
https://helpcentre.iamproperty.com/hc/en-gb/articles/44702439067537-Using-Perform-Payments-in-CRM
BACS List: Process the payments due to your Landlords/Contractors/Tenants to produce the BACS file.
https://helpcentre.iamproperty.com/hc/en-gb/articles/35405644356113-Creating-a-BACS-Payment-File
Reconciliation: Reconcile the payments in CRM (in/out) to balance the CRM client account with your Bank.
Statement Merge: Send out statements for those Landlords you have paid. You can also switch on the filter option to Contractor and merge (create) statements to Contractors here as well.
Agent Ledger: Move your fees to the the client account to show how much needs to be transfer the money from client account to business account.
HMRC Payments: Managing Landlord Tax
https://helpcentre.iamproperty.com/hc/en-gb/articles/39430852601873-Managing-Landlord-Tax
Review un-allocated funds
Review outstanding invoices
Review Balances Report: A report that can be run to give an overview of the ledger balances on the CRM from Reporting, Reports, Accounts, Balances Report.
https://helpcentre.iamproperty.com/hc/en-gb/articles/44712822982417-Generating-a-Balance-Report
For further support contact the iamproperty CRM Support Team on
01865 860 871
crm.support@iamproperty.com