When a Tenant makes a single payment, either through a Centrepay payment, WINZ payment or a Bank deposit, you will set up Payment Splits to tell Chintaro how to split the single payment in to one or more payments if the Tenancy Agreement includes other charges (EG Furniture payment, Utilities payment, etc.)
Chintaro will always take Rent for the first payment as Rent is the highest priority. If a payment is received that does not have enough money to cover Rent and other charges, all of the money received will go to Rent, and there will not be a split.
All being well however, when a payment is received, the Rent component will be allocated in full and the additional money will be allocated to the other charges you have set up for your Tenant.
Setting Up Payment Arrangements
Enter the weekly amount of the other charge in the Rent Record (EG Fortnightly Garden Charge of $10 is entered as $5.00 a week).
In this example, each time that Rent is charged, an additional Garden Charge will be created.
In the above example, Rent was generated for the fortnight and two charges were created; one for Rent ($450), and one for a Garden Charge ($10).
To tell Chintaro how to split the payments received, click the function.
The Payment Arrangements function will open:
- Balance: Displays the Tenant’s current balance of both Rent & Non-Rent charges.
- Frequency: Tick the relevant payment frequency for your Tenant (either weekly or fortnightly).
- Transaction Type: Is used to indicate what type of payment the split will be (EG Garden Payment)
- Amount: The dollar figure of the split.
- Start Date: The date the split will start from.
- Comments: Enter any relevant comments about the split.
Enter the above fields to match the charge you have entered for the Tenant.
You can set up to 5 payment splits in Chintaro.
When payments are received, each transaction will show as an individual transaction on the Tenancy Transactions ledger.
How does Chintaro work out how to split the payment?
The rule that Chintaro follows when splitting a payment is as follows:
- First, a Rent Transaction is created. If there is money left over, then;
- The first Payment Split on the Payment Arrangements function is created. Chintaro will start at the top of the page and work down for order of importance. If there is enough money for rent, but there is not enough money left in the payment for the split, a partial transaction will be created. If there is enough money for the rent component and the first split, and there is money left over;
- The second Payment Split on the Payment Arrangements function is created. This will continue down the list in order of importance.
- If all Payment Splits were successfully created and there is still money left over, any additional money will be added to the Rent component.