Receipting Money From A Rent Guarantee Scheme

Receipting The Insurance Money: 

Follow the steps below to process a rent payment from a Rent Guarantee Scheme.

  1. Set the Insurance Company up as a Supplier record in Alto. 
  2. On the Tenancy record, receipt the payment from the insurance company intended for the Rent.

Warning: When receipting this money in, the system will try to auto allocate this to any rent charges outstanding. Untick all pending charges so the receipted funds will go into Monies Held. 

      3. Overtype the description of held monies to be relevant for this transaction: 

Paying The Landlord: 

Whilst on the tenancy, use the Monies Held to pay the outstanding rent to the Landlord. Your Management fee will be deducted as normal.

Create the Recurring Supplier Expense:

  1. Add an expense on the tenancy record, equal to the value of the Rent. 
  2. This expense frequency should be monthly/weekly (as per the tenancy terms) so that Alto automatically adds the dates for each raised expense. 
  3. The charge item is ‘Insurance - Rent Protection’
  4. The Description should not be changed as these are merge codes to automate the relevant dates. 
  5. Add the Supplier record to the charge. 

Because we have raised the expense as Rent Indemnity, these will show as Tenancy arrears. 

Should the Tenant pay the rent for the period the Rent Guarantee scheme covered, monies will need to be allocated against the expense. This will then show on Suppliers to pay on the dashboard. 

If The tenants continue to pay rent on a regular basis and the rent guarantee scheme is no longer used, the recurring expenses for the Rent Indemnity will need to be deleted. 

If you want to watch a video tutorial on handling Rent Indemnity Insurance, click here.


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