A tenant must have no outstanding invoices before you can enter a prepayment. If the tenant has an outstanding invoice, Property Matrix applies payments to the outstanding invoice balance instead of allowing the payment to be entered as a prepayment.
Receive a Prepayment
Click Tenants from the left navigation menu.
Select the tenant who is making the prepayment.
Confirm that the tenant has no outstanding invoices.
If the tenant has no outstanding invoices, the tenant record displays No outstanding invoices in the Current tab.
In the Receive a Payment section on the right side of the page, select the Payment Type.
Enter the Date.
Enter a Memo, if needed.
Enter the prepayment amount in the Amount field.
Click Receive Prepayment.
Apply the Prepayment to a Scheduled Transaction
After you receive the prepayment, Property Matrix may ask if you want to apply it to the next scheduled transaction.
In the Apply Prepayment? window, review the message asking if you want to apply the prepayment to the next scheduled transaction.
Select the scheduled transaction you want to apply the prepayment to.
You can choose which scheduled transaction receives the prepayment from the dropdown. For example, you may select a rent schedule, parking schedule, or another scheduled charge.
Click Yes to apply the prepayment. Property Matrix applies the prepayment to the selected scheduled transaction.
View the Applied Prepayment
After the prepayment is applied, you can review it from the tenant’s Transactions tab.
Open the tenant record.
Click the Transactions tab.
Locate the Prepayment Application transaction.
The prepayment application shows the amount applied to the scheduled transaction. The related invoice will show as Paid when the prepayment fully covers the invoice amount.
Apply a Prepayment
Option 1: From the Credits Available Option
If a tenant has available credits, you can apply the credit from the tenant’s Current tab.
Open the tenant record.
In the Receive a Payment section, click Credits Available.
In the Credits & Refund window, select Pre-payment.
Select the prepayment you want to apply.
Select the invoice line where the prepayment should be applied.
Review the Date and Amount to pay fields.
Click Apply.
The prepayment is applied to the selected invoice line.
Option 2: Apply the Payment From the Transactions Tab
Open the tenant record.
Click the Transactions tab.
Locate the payment with a status of Partially Applied or Unapplied.
Click the arrow next to the payment to expand the transaction.
Locate the unapplied amount line.
Hover over the unapplied line until the pencil icon appears.
Click the pencil icon.
Select the invoice or invoice line where the unapplied amount should be applied.
Save the change.
The payment is applied to the selected invoice. If only part of the payment is used, the payment remains Partially Applied. If the full amount is applied, the unapplied balance is removed.
Important Notes
A tenant must have no outstanding invoices before you can receive a prepayment.
In the prepayment confirmation window, use the dropdown to select which scheduled transaction the prepayment should apply to.
You can apply available credits from Credits Available or from the Transactions tab.
If the funds are less than the next scheduled transaction, then an outstanding invoice will be made available and due at its original scheduled date. If funds are greater than the next scheduled transaction, remaining funds will be applied to the the transaction after that.
The pencil icon may not appear right away. Hover over the line or field you want to edit to display the pencil icon.
You can view how to do this on our Future Invoices article.