At the conclusion of February, we have identified the top 5 issues our clients have encountered.
Issue 1: How to read the Rent summary or Tenancy details reports
These are great reports and tell you a lot of information, the trick is knowing how to read them.
How to read the Rent summary report.
This is how to read the Tenancy details report.
Remember to also sign up for the Rent arrears webinar.
Issue 2: Assigning tenant receipt money to tenancy invoices, if you did not do so the time of receipt
Sometimes money is receipted for a tenant invoice and no invoice is picked up for it or no invoice was entered at the time. You can assign money already receipted to a Tenancy Invoice. This is done against the tenant, find the tenant and either Right Click (if Palace Live) or click on the drop-down arrow and select Assign tenant invoices.
Follow these instructions:
Issue 3: Bank reconciliation
Troubleshooting for your bank reconciliation. We get a lot of calls from people not able to reconcile. This is something we find very hard to help with as it is not related to the software.
A bank reconciliation is simply matching Palace against your bank. i.e every receipt or payment made in Palace must go through your bank. So each morning you receipt your rents and then you put in the closing bank balance into the Bank Rec area of Palace. Then using your bank statement you must tick off and present everything in Palace that shows on that day’s bank statement. Nothing is to be presented down UNLESS it shows on the day’s bank statement. If you do not reconcile, then you must ‘unpresent’ and start again. If you are troubleshooting you should present down items one at a time, not in bulk, so you can tick them off on your printed bank statement. This way you will find the issue, it is normally a receipt missed or wrong amount entered in, or a payment made out of the bank and not in Palace.
It is best practice to reconcile every day, this saves worry and pressure at month-end.
Issue 4: How to read owner statements
Did you know that we have print-outs on PDF for how to read Owner Statements, these can even be sent to the owner themselves to learn how to read.
Find the pdf's that explain different types of statements here.
Issue 5: Emails - Why are they not received & where is the email log?
Emails going out of a cloud-based software system is a complex architecture, especially if we want the reply to come back in. We are constantly on the lookout for a better solution and will change it as soon as one is available.
In the meantime, here is an article you may find helpful:
Why are my clients not receiving my emails
You can check in Palace if an email has been sent successfully out of Palace:
Palace Live: Under Tools and Email log
Palace Liquid: Under System and System reports