Lettings fees can be charged as singular or recurring, and Commission fees will be calculated at a percentage of the rent receipted. The steps below outline how you set up the initial fees on a tenancy.
This article includes:
Adding a one off or regular letting fee
- Click Property on the main toolbar
- Select the relevant property from Recent & Favourite Properties
- Alternatively, find the property using the Search Properties bar in the top right
- Click Actions
- In the dropdown menu, click Charge
- Click Add Letting Fee
- The Add Letting Fee for window opens. Confirm the Charge Date is correct, or amend as necessary
- In the dropdown menu, click the the required Frequency that the letting fee is to be charged
- Confirm the Rental Amount and Term, or amend as necessary
- Enter the Letting Percentage
- Amend the Description, if required
- In the dropdown menu, amend the VAT Rate, if required
- In the Collect from Account dropdown menu, click the relevant account to make the deduction from
- Once you are certain the Total Charge is correct, click OK
- You can Raise the charge if it's to be applied immediately. Alternatively, you can leave it and Alto will raise it as per the Charge Date or schedule. If the fee is set to recur, the circular arrows will show with the Frequency adjacent
- Click Close
Adding a recurring commission
Note
- Commission calculates every time that rent is receipted
- Commission % is excluding VAT
- The first time that the commission is created, you must ensure the Charge From date is set to before or on the same date as your receipt of rent. If it isn't, commission will not be applied to the initial invoice
- Click Property on the main toolbar
- Select the relevant property from Recent & Favourite Properties
- Alternatively, find the property using the Search Properties bar in the top right
- Click Actions
- In the dropdown menu, click Charge
- Click Add Commission
- The Add Commission for window opens. Amend the Description, if required
- In the Charged on dropdown menu, click Rent
- Enter the Commission % amount
- Slide the toggles to select whether to calculate commission using the Receipt date or the Charge date
- Tick whether you wish to Deduct from Gross Amount % , if required
- Confirm the Charge From date and if required, the End Date
- Once you are certain the commission is correct, click OK
- The commission will recur each time rent is receipted. This is reflected with the circular arrows and Frequency set to N/A
- Click Close
Related articles:
Setting up an admin fee on a property
Setting up a letting fee on a property