Fees and Services

Your storEDGE Software is designed to automatically generate fees based on what actions you are performing. In order to do this, your facility’s Fees and Services settings must be set up in advance.

There are four types of fees that can be setup:

  1. Fixed: A fee that is the same amount every time is it charged.
  2. Variable: A fee that changes based on the amount of the actual rent rate of the unit.
  3. Custom: A fee that has no preset amount. You enter the amount of the fee at the time you apply it to the tenant's ledger.
  4. Services: A monthly recurring fee. Can be either fixed or variable.

To access your facility’s fees and services settings:

  • Click the Settings Tab in the lower left of your screen.
  • Under the Billing section, click the Fees and Services button. The fees and services settings screen will appear.

 

 

Adding A New Fixed or Variable Fee

  • Click the Add Fee Item button, denoted by a +, in the upper left of the screen.

 

A new screen will appear allowing you to specify information about the fee:

 

 

  • Product Code: Enter the name of the fee.
  • Description: Enter the description of the fee. This description will print on invoices and receipts.
  • Tax Rate: Select the tax rate that will be applied to this fee by checking the corresponding box.
  • Custom Fee: Leave this box unchecked. 
  • Required at Move-In: Check this box if the new fee will be required at move-in
  • Required at Transfer: Check this box if the new fee will be required at transfer
  • Amount: The amount of the fee can be either a fixed or a variable dollar amount or rent-based percentage.
    • For fixed dollar amount or percentage:
      • Choose either dollar amount ($) or percentage (%) from the dropdown menu and then enter an amount or percentage in the field provided.
    • For variable dollar or percentage rate :
      • Click the green + button next to the fields already provided.
      • Using the drop-down, choose either dollar ($) or percentage (%)  amount for the first line. Selecting a percentage (%) amount will give you the option to round up or down. The rounding is to the nearest penny. For example, if your rent is $22.50 and your fee is 13%, selecting to round up will charge the tenant $2.93. Selecting to round down will charge the tenant $2.92. This setting was added to comply with certain state lien laws that require fees to not exceed a specific amount (even by one penny)
      • Enter the dollar amount or percentage in the field provided.
      • In the next field, you will need to enter the criteria specifying the highest rental rate to which the fee will be applied.
      • In the last row, enter the dollar or percentage amount that will be applied to the rental rates above that which was previously specified.
      • You can click the green + button to create as many variations in the rate as needed.
  • Account Code: Using the drop-down menu, choose what account code will be assigned to this fee. It is very important to choose an account code with the type of Income. Do not choose an Accounts Receivable, Deferred Revenue, or Expense account. See the Account Codes list to know which codes are Income codes.
  • Once you have completed adding the new fee, click the Save button to save your addition.

 

Adding A New Custom Fee

  • Click the Add Fee Item button, denoted by a +, in the upper left of the screen.

 

A new screen will appear allowing you to specify information about the fee:

  • Product Code: Enter the name of the fee.
  • Description: Enter the description of the fee. This description will print on invoices and receipts.
  • Tax Rate: Select the tax rate that will be applied to this fee by checking the corresponding box.
  • Required at Move-In: Check this box if the new fee will be required at move-in.
  • Required at Transfer: Check this box if the new fee will be required at transfer.
  • Custom Fee: Check this box. The screen changes to allow you to enter default and maximum fee values.

  • Default Fee: Enter a standard value for the fee.
  • Maximum Fee: Enter the highest value allowed for this fee.
  • Account Code: Using the drop-down menu, choose what account code will be assigned to this fee. It is very important to choose an account code with the type of Income. Do not choose an Accounts Receivable, Deferred Revenue, or Expense account. See the Account Codes list to know which codes are Income codes.
  • Once you have completed adding the new fee, click the Save button to save your addition.

 

Adding A New Service

A service is any recurring fee added onto a tenant’s unit that raises their monthly bill (i.e. electricity, vehicle tire pressure check, etc.).

To add a new service:

  • Click the Service tab at the top left of the screen. The service options screen will appear.
  • Click the + Add Service Item button at the bottom of the line item list.

A new screen will appear allowing you to specify information about the service being added. Listed below are definitions of each required field:

  • Product Code: Enter the name of the service.
  • Description: Enter a brief description of the service. This description will print on invoices and receipts.
  • Tax Rate: Check the box beside the tax rate that will be applied to this service.
  • Amount: The amount charged for the service can either be a fixed or a variable dollar amount or rent-based percentage.
    • For fixed dollar amount or percentage:
      • Choose either dollar amount ($) or percentage (%) from the dropdown menu and then enter an amount or percentage in the field provided.
    • For variable dollar or percentage rate:
      • Click the green + button.
      • Using the drop-down menu, choose either dollar ($)  or percentage (%) amount for the first line.
      • Enter the amount or percentage in the field provided.
      • In the next field, you will need to enter the criteria specifying when the charge will be applied. You can click the green + button to add as many variables as you need.
  • Account Code: Using the drop-down menu, choose what account code will be assigned to this service (it will default to Service Revenue). It is very important to choose an account code with the type of Income. Do not choose an Accounts Receivable, Deferred Revenue, or Expense account. See the Account Codes list to know which codes are Income codes.

 

Editing Existing Fees and Services

  • Click the Edit button on the line item you wish to change.

A new screen will appear, allowing you to make any necessary changes to the fee or service.

  • Click the Save button to save your changes.

Note: System-generated fees, such as security deposit, chargeback, etc., cannot have their type, product code, or description changed.

 

Disabling Fees and Services

  • Click the red Disable button on the line item you would like to remove from the list.

A window will open asking you to confirm the disable action.

  • Click the Continue button to confirm the action or the Close link to cancel the action.

The fee or service line item will disappear from the list of available fees or services. If you need to re-enable a fee at a later date:

  • Click the Show Disabled button in the upper right of the screen.
  • Click the Enable button next to the fee you wish to re-enable.

Note: Fees and services cannot be permanently deleted from the system due to their inclusion in historical reports and ledger views.

Important Notice: Disabling a service charge in the Fees and Services Settings will not remove the service from existing tenant billings. To remove the service, go to the tenant's profile, click the Edit Rental button and click Cancel next to the service charge.

Comments

Still have questions?
Don't be afraid to ask us. We're here to help you.
Powered by Zendesk