Creating invoices for your leases

Assetti's Invoice and Payment feature were created to help you monitor and manage your rent rolls directly through Assetti. Using these new functionalities, you are able to create invoices in .pdf format and track their payments for each lease. This article introduces the necessary steps for creating invoices.

Please note: Invoice and payment features are only available at request. Please contact us if you would like to activate these features for your environment.

1. Create a landlord

A landlord is required for creating invoices. 'Landlord' refers to the invoice issuer. Information on the landlord must be inputted for a valid invoice. Follow the instructions below to add a landlord.

1. Open 'Contacts.' If the invoice issuer is your own organisation, use the filters tag search to find your organisation from contacts. You can also create a new contact using Add button on the upper right corner.
2. In the 'contacts' main view, add the general information and the street address in the first table using the pencil icon. Remember: a Business ID is mandatory for an organisational landlord.
3. While editing the general information, change 'landlord company' selection to 'Yes.'
4. After the landlord status has been updated, a 'Bank details' table will appear. Click on the pencil icon to update the bank account information of the invoice's issuer.
5. If the landlord has a different main contact, each lease's responsible person can be added to its invoices. To add their contact details to the database, open the 'Contacts' tab to view, add, and edit.

2. Linking a landlord

Before adding new invoices, you must link a landlord to your properties. However, a landlord's contact person can also be added at lease level.

1. Open the 'Properties' tab and select which property which you want to create invoices for.
2. From the 'Info' tab of the property fact sheet, click on the pencil icon next to 'Landlord' to edit;
3. Select the suitable landlord from the drop-down list and save.
4. Although not mandatory, a specific landlord contact can be added to a lease instead of an organization.
   1. Open the 'Leases' view and select the lease that you want to create invoices for.
   2. From 'Contracts' tab on a lease's factsheet, edit 'Landlord' by clicking on the pencil icon.
   3. Select the suitable contact from the drop-down list and save.

3. Adding invoicing information for lease:

Before creating an invoice for leases, remember to add the invoicing information to the lease profile.

1. Open 'Leases' and select the lease that you want to create invoices for.
2. From 'Contracts' tab of the lease's factsheet, click on the pencil icon to edit the invoicing information.
3. Add the following data from your lease agreement and click save:

• Payment term: the number of days by which payment should be made
• Interest rate: the additional percentage to be charged for late payment
• Invoice interval: the billing cycle of the lease. Note: if this data field is left empty, one month is the default.
• Invoicing language: the language of the invoice's downloaded .pdf file
• Invoice message: a message included in all this lease's invoices
• Invoicing reference: additional information included in the invoices
• External lease ID: an ID of the lease from an external source if available

4. Option 1 - Creating an invoice for multiple leases:

Once you have completed the landlord information, linked the properties, and have the lease invoicing information; you can start creating invoices. You can either create an invoice for one lease at a time, or you can create invoices for multiple leases. To add an invoice for multiple leases:

1. Open the 'Invoicing' tab.
2. Under the 'Invoicing' main view, click the add button.
3. In the 'Invoices' pop-up, define the following information:
   • Month: The month of the invoicing period.
   • Allow duplicate check: If selected, it allows you to create another invoice for a period (month) which already has an invoice.
   • Invoice type: 'Lease' is pre-selected.
   • Property: Select one or multiple properties from the drop-down list or use the all checkbox to select all properties you wish to create an invoice for. Remember that you can only see the properties that you have access to.
   • Leases: Select one or more leases from the drop-down list. Only the invoices of the selected month will be created for the selected leases.
     • Please note: From the drop-down menu, you can only see billable leases. An invoice cannot be created for following leases:
       1. leases with an end date or a rent adjustment date during the selected month
       2. leases without landlord information,landlord business ID or bank information
       3. leases with existing invoices for the selected month when duplicating is not allowed.
4. Click 'Create' to generate the invoices.
5. The new invoices are listed on top of the list. Select which invoice row you want to edit.
6. Preview and download invoice in .pdf format using the Print/Preview button. Check the attached document to view an invoice example created through Assetti.

4. Option 2 - Creating an invoice for a lease

You can also create an invoice for a lease from the lease main view:

1. Open the 'Leases' tab and select the lease you want to create the invoices for.
2. From the 'Contracts' tab, add the invoice information.
3. Select 'Invoices' and, using the Add button to create new invoices, fill in the missing fields.
4. To add the same invoices for future periods, add the number of invoices to the 'Repeat' field.
5. To edit an existing invoice, select the checkbox at the beginning of the invoice's row to open editing table
6. Preview and download invoice in .pdf format using the Print/Preview button.

Payments

There are seven possible statuses for your invoices and each can be set manually.

• Credit loss
• Open
• Paid
• Overdue
• Rejected
• Reminded
• Unsent

The invoice status is automatically updated from 'Open' to 'Paid' when a payment is added. However, if the paid amount is less than invoiced amount, invoice status will continue to be 'Open.' If no payment is added by the due date, the 'Open' status changes to 'Overdue.'

Listed on the new invoice is:

• Invoice no: A unique ID for the invoice, generated automatically by Assetti
• External invoice no: an ID from an external source if available
• Invoicing date: the date which the invoice is sent to the receiver
• Due date: They date by which payment should be received
• Reference no: unique reference number, generated automatically by Assetti
• Reference: Further referencing if available
• Message: An invoice message if desired.
• Greetings: A personal message to the receiver if desired.
• Repeat invoice: If you want to repeat this invoice, input the number of times an invoice should be repeated for the next invoicing periods.
  • For example, if the current invoicing period is 01 - 31 Jan 2018, and the 'repeat invoice number' is three, then two new invoices will be created for 01 - 28 Feb 2018 and 01 - 31 Mar 2018.
• Invoice period: The start and end date of the billing period the invoice represents. The end date is fixed based on invoicing information.