Cash Receipt and Extending Contracts in FalconPro Real Estate Software: Complete Guide
Introduction
Managing monthly cash receipts and extending contracts is a common scenario in property management. FalconPro Real Estate Software streamlines this process, allowing property managers and accountants to receive payments for specific periods, handle partial payments, and extend contracts efficiently without creating unnecessary new contracts or renewals.
Monthly Cash Receipt Workflow
Receiving Monthly Payments
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Receipt Creation:
When a client pays monthly, open the contract and initiate a receipt. -
Selecting Installments:
By default, all unpaid installments may appear. Select only the current month’s installment for payment.-
Use the “auto-select” feature (e.g., pressing O2) to select all, then delete unwanted rows, leaving only the current month.
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Payment Method:
Mark the payment as cash and save the receipt. -
Repeat Monthly:
Each month, repeat the process: open the contract, create a receipt, select the current unpaid installment, and process the payment.
Efficient Filtering
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Focus on Due Installments:
The system highlights paid installments (green) and leaves unpaid ones vacant, making it easy to identify which month to process. -
Batch Selection:
Use batch selection and deletion to quickly isolate the required installment, saving time compared to selecting one by one.
Extending Contracts Without Renewal
Extending for Additional Months
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Scenario:
If a tenant wishes to extend their stay for a few months (e.g., three extra months after the contract end), you do not need to create a new contract. -
Adjusting the Contract:
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Increase the contract end date to reflect the new period.
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Add extra installments for the additional months, specifying the correct amounts.
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Save the changes.
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Handling Different Amounts
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Custom Installments:
If the extension involves different rent amounts for each month, add new installments with the respective values. -
Revenue Synchronization:
After adding or adjusting installments, ensure the total revenue matches the contract value. The system may prompt you to refresh or retrieve again to synchronize revenue and installment details.
Notes on Renewal vs. Extension
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No New Contract Needed:
Only create a new contract if a formal renewal is signed. For informal or short-term extensions, simply adjust the existing contract. -
Documentation:
Add notes to the contract to clarify the extension terms for future reference.
Tips for Efficient Cash Receipt and Contract Extension
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Use auto-select and batch delete to quickly filter installments.
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Always process only the current month’s payment to avoid confusion.
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Extend contracts by adding installments and adjusting the end date, rather than creating new contracts for short extensions.
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Document any changes or extensions clearly in the contract notes.
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If the contract value changes due to extension, ensure all revenue and installment schedules are updated and synchronized.
Frequently Asked Questions (FAQ)
Q1: How do I process a monthly cash payment for a contract?
Open the contract, create a receipt, select only the current month’s unpaid installment, mark as cash, and save.
Q2: What if all unpaid installments appear in the receipt screen?
Use batch selection (e.g., O2) to select all, then delete unwanted rows, leaving only the current month’s installment.
Q3: How do I extend a contract for a few extra months?
Adjust the contract end date and add new installments for the additional months. Save the changes.
Q4: Should I create a new contract for a short extension?
No, only create a new contract if a formal renewal is signed. Otherwise, adjust the existing contract.
Q5: How do I handle different rent amounts for each extension month?
Add new installments with the respective amounts for each month during the extension.
