Receipting rent from a rent guarantee insurance company

You can easily record a rent payment received from a rent insurance company, for the payment of rent. However, you will first need to set up the rent guarantee insurance company as a supplier in Contacts on your main toolbar
For more information on Adding a supplier, click here

This article includes: 

Receipt money

  1. Click Tenancy on the main toolbar
  2. Select the relevant tenancy from Recent & Favourite Tenancies
    1. Alternatively, find the tenancy using the Search Tenancies bar in the top right
  3. The tenancy Overview displays. Click Actions 
  4. In the dropdown menu, click Receipt
  5. In Amount Received, enter the amount received from the insurance company
  6. Untick all allocated receipts to ensure the receipt is unallocated, for the funds to go into Monies Held
  7. Add a suitable Bank Reference
  8. Click Update 
  9. A Monies Held message displays
    1. Edit the description of the monies held, as required. I.e. Rent guarantee insurance payment
    2. Click Yes to continue
  10. The tenancy Overview displays. Click Actions 
  11. In the dropdown menu, click Receipt
  12. Click Use Held
  13. Click Update

Your agency management fee will be deducted as normal.

The tenancy Transactions record shows details of monies held and its description.

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Create a recurring supplier expense

To create a recurring supplier expense, add an expense on the tenancy record equal to the value of the rent.

  1. On the tenancy Overview, click Actions 
  2. In the dropdown menu, click Charge
  3. Click Add Charge
    1. Frequency - In the dropdown menu, click either Monthly/Weekly (as per the tenancy terms) so that Alto automatically adds the dates for each raised expense
    2. Charge Item - In the dropdown menu, click Expenses, and click Insurance - Rent protection
    3. Description - Don't change the description as these are merge codes to automate the relevant dates
    4. Net Amount - Enter the amount of monthly/weekly rent as per the tenancy terms
    5. Supplier - Search for and click the insurance company associated with the rent guarantee payment
  4. Click OK

As we have raised the expense as rent indemnity, these show as tenancy arrears.

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