Receipting rent from a rent guarantee insurance company

When a rent guarantee insurance company pays a tenant's rent, receipt the payment on the tenancy as monies held, then use it to pay the rent charge. You can also add a recurring expense to record the rent the tenant still owes.

Receipt money

Receipt the rent guarantee insurance company's payment into Monies Held, then use it against the rent charge.

1. Click Tenancies on the main navigation bar
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 payment amount received for the rent from the rent guarantee 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.

Create a recurring supplier expense

You can now add the rent which may need to be repaid to the rent guarantee insurance company as an expense, (on the tenancy) to record the rent which remains due from the tenants.

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, then complete the following:
   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 rent guarantee insurance company
4. Click the Options tab
   1. Where applicable, set an End Date for when the insurance payments end, so the expense stops after that date. Once done, click the Charge tab to return
5. Click OK

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

• Related Help Centre articles that you may find useful.

  Rent Guarantee

  Adding a supplier

  Receipting money on a Tenancy

  Raising an expense charge on a tenancy