Dear Friends,
We have a requirement for processing rent agreements:
I think all below points can't be available by using Invoicing plan. Is there any posibility or any other functionality can be used, by which we can address most of the points.
The foll. Points to be considered :
1. The terms of agreement differ from lease to other (e.g.: 3 yrs for one lease & 10 yrs for other)
2.Payment clause is not fixed , it may be
Payable on the same month
Advance Rental
Quarterly Payment
Succeeding Month
3.The system should have the option of entering the escalation clause ( increase in rent) for each line item, so that the same gets automatically calculated as & when it is due.
4.The employees have the option to do swapping of House to another, hence there will be change in GL Code/Cost Centre on case to case basis.
5. Termination notice will be given for some lease even before date of expiry in case of resignation etc., hence the same has to be considered.
6u2022TDS rate may also differ for some vendors, based on their Individual capacities, the system should factor for the same
7u2022It is a practice that whenever a new lease is entered, we pay advance rental in addition to Security Deposit which is adjusted during the course of rent payment. Hence the system should factor & indicate the completion of advance rental,( e.g.: if three months advance rental is paid for particular lease agreement say from Apr-Jun, while processing Rent for Jul08, the system should automatically calculate the rent for the subsequent months & should provide the adjustment based on the clause given for the same)
8u2022As a policy month on month, we do all changes in the Rent format as per the requirements of the client & send the same to client for approval, the system should factor for the same to get auto approval once the recurring entry is generated.
9u2022There are some cases where in the rent paid is more than HRA claimed by Expat, in those cases, we account the extent of difference as Staff advance, hence the same should be considered while designing Recurring Entry.
10u2022We also give personnel number for all expat employee housing rental payments, the system should capture the same in recurring entry.
11u2022The recurring entry should have a check on the expiry of contract, & should not allow entering the rent for subsequent months until extension or termination is claimed.
12u2022Also there are other regular recurring payments like Rent works, Electricity, Bharti Airtel, Fireball Securities etc., need to check whether all these can be formulated as recurring entries month on month.
Thanks,
Sai Krishna
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