How to Setup and Use Scheduled Payments

For businesses operating with the payment method of post-dated cheques, it's imperative to efficiently track deposit dates and cheque statuses. To simplify the management of post-dated cheques, we've introduced the 'Scheduled Payments' feature.

Setting Up Scheduled Payments: 

Before you can start using Scheduled Payments, ensure the following prerequisites are in place:

• Yearly Type Contracts: Ensure the property for which you wish to receive post-dated cheques is set up with yearly-type contracts.

• Enable Scheduled Payments for Property: Enable the property for Scheduled Payments from the settings (Settings > Core > Accounts > Accounting Info > Select Property > Save Changes).

• Bank Details: Add the banks from which you'll be accepting scheduled payments in the settings (Settings > Core > Accounts > Accounting Info > Add Bank Details > Save Changes).

With these steps completed, you can start utilizing Scheduled Payments at the contract level. To add post-dated cheques (PDCs) to contracts, follow these steps:

• Unit Setup: Open the unit in a property set up with yearly-type stays and scroll down to 'Pricing'. Add the installment details in the box and define the gap between each cheque payment.

• Contract Details: Go to contracts and add the relevant details and select the contract type as 'Yearly'. The payment plan dropdown will be enabled, directly linked to the number of installments you added in the unit creation page. Select the number of cheques received from the tenant from the dropdown.

• Add Cheque Information: Scroll down to the "+Add Payments" section, and you'll notice cheque fields equal to the number of installments you've defined.Add bank and cheque image details and review auto-filled information such as cheque deposit date. Select the relevant status (scheduled, deposited, on-hold, cleared, dishonored, canceled).

• Contract Submission: Once confirmed, submit the contract, and your PDCs will be added to the system.

Viewing PDCs:

• To view these PDCs, navigate to Core > Accounts > Scheduled Payments. Here, you can see cheque details that can be filtered by a particular status or property date.

Setting Up Tenant Reminders:

• We offer two types of reminders in the system:

1. Upcoming Deposit Date Reminder: Set the number of days before the deposit date when the tenant should be notified.

Choose the mode of reminder, such as app, email, WhatsApp, SMS, etc.

2. Dishonored Cheque Reminder: Set the number of days until which a tenant will be reminded to provide a new payment method.

Choose the mode of reminder, such as app, message, email, WhatsApp, SMS, etc.

To set up these reminders - 

• Go to Settings > Core > Accounts > Accounting Info > Scheduled Payments.

We trust that you find this article helpful, and that Scheduled Payments will greatly streamline your operations.

For more information about the system, we recommend reviewing the 'Yearly Type of Stay' article.

If you have any questions or need further assistance, please don't hesitate to reach out to our support team at support@monktechlabs.com