To create a new rent charge element

The procedure to create a new rent charge element is as follows:

1. Navigate to Quick Menu > Rents > Configuration > Rent Element. The Element Details window is displayed.
2. Click on New Element. All fields are activated ready for data entry.
3. Enter an Element code into the field provided i.e. the unique identifier for the charge element 1.
4. Enter a Description for the charge element into the field provided e.g. Basic Rent, Heating, Insurance, Service Charge, etc.
5. Using the Classification drop-down field, select an appropriate parameter value for the rent charge element i.e. Account Charge or Property Charge.
6. Using the Category drop-down field, select an appropriate parameter value for the rent charge element e.g. Rent, Services, etc. 2.
7. Using the VAT Code drop-down field, select the appropriate VAT code for the rent charge element e.g. Standard Rate, Exempt, Zero Rated, etc.
8. Using the Applicable account types drop-down field, multi-select all parameter values to which this rent charge element applies e.g. Rental, Residential, Garage, Allotment, etc, or choose the All option, as required 1.
9. Using the Applicable agreement types drop-down field, multi-select all parameter values to which this rent charge element applies e.g. Residential, Residential Rented, Residential Non Rented, Non Residential, etc, or choose the All option, as required.
10. Using the New charge notice units drop-down field, select an appropriate frequency parameter for the minimum notification period e.g. Minutes, Days, Weeks, Months, etc.
11. Enter a New charge notice period value into the field provided i.e. the new charge notice unit multiplier 3. The Up and Down arrows are available to increment or decrement the value, as required.
12. Using the Increase notice units drop-down field, select an appropriate frequency parameter for the minimum notification period e.g. Minutes, Days, Weeks, Months, etc.
13. Enter an Increase notice period value into the field provided i.e. the increase notice unit multiplier. The Up and Down arrows are available to increment or decrement the value, as required.
14. Using the Companies drop-down field, multi-select all companies for which this rent charge element is relevant, or choose the All option, as required.
15. Choose an Effective from date for this rent charge element i.e. the date on which it came into effect 4.
16. Choose an Effective to date if the rent charge element is to be reviewed on a specific date or to capture a change of circumstances; a blank field means the charge element will be continually valid.
17. Multi-select the required attributes for the rent charge element by activating the tick boxes provided. An explanation of each available attribute is summarised in the table below.
18. Click on Save. The new rent charge element appears in the alphabetical list 5.

Tip

1 Where only a small number of parameter values are not required, activate the All tick box first and then deselect individual items from the full list, as required; the All tick box will be automatically removed once an item is deselected.

Note

1 System validation rules ensure that the code entered for each new rent charge element is unique.

2 These custom values can be populated by the end user via the general lookup parameter entitled Rate Element Categories.

3 By way of example, if a two month notice period was required, a Period value of '2' would be inserted, coinciding with a Unit of 'Months'.

4 The Effective from date defaults to the current system date and cannot be left blank.

5 To amend the details of an existing rent charge element, expand the classification heading, select an element from the alphabetical list (or type its name into the Search Elements field) and repeat steps 5 through 18. By default the list is filtered to show Current charge elements. An alternative filter can be applied using the Select view drop-down field: Expired, Future or All combinations.

See related topics...

Rents charge element maintenance overview

To clone a rent charge element

To define the charge attributes of a rent element