Ending a Tenancy

To end a tenancy, click the End Tenancy button in either of these two places:

Tenant Manager > Tenancies > open the tenancy > Main Tenancy Details.

Tenant Manager > Tenancies > place your cursor over the tenancy and look for the cog icon.  The button is on the menu that comes up.

Set the date the tenancy finishes.  If the Expiry Date is during a payment period, a dialog box will pop up asking you to create a pro-rata invoice for the last few days and will suggest an amount based on the rent.  You can use this number or enter one of your own.

Landlord Vision will stop producing invoices for this tenancy at the Expiry Date and once this date is in the past, it will become an expired tenancy and will no longer count for charging purposes.  You can find this tenancy in Tenant Manager > Tenancies > Expired Tenancies tab.

We do not recommend that you delete a tenancy unless you are sure that you no longer need the data.  Once a tenancy has been deleted, it's information will be removed from the reports and may make them inaccurate.

If a tenancy finishes early

A tenant paid a full month’s rent but then left before that month ended. You refund them for the days they were not in the property and now you need to record that in Landlord Vision. Firstly, let us take the following example:

The tenant is paying £500 a month due on the 1st of each month

The tenant pays for March at the beginning of the month

The tenant then moves out on the 20th March

£171.23 is due to the tenant

Set the Expiry Date as above  (in this case 20/03/2021) and a message will come up asking you to set a pro-rata rental amount and will suggest an amount based on the annual rent. The calculation it uses is as follows:

Pro-rata amount = ((monthly rent x 12) / 365) x number of days in the period.

You can of course enter your own amount if you calculate it differently, but in this case the software will have come up with £328.77. Click Save to complete the process.

Recording a refund

Now head to Tenant Manager > Payments and find the original rental payment that was recorded at the beginning of the month and note that it now shows as unallocated. Open the payment up and click Allocate Credit. Assign your pro-rata amount (in this example £328.77) to the outstanding invoice. The software will point out that there is some credit still to be allocated, click OK to record the payment.

Still in the View Payment screen, now click Add Refund and record the remaining amount (again in this case £171.23) being paid back to the tenant from your bank account. You can now reconcile both the payments in the bank account if you are doing the reconciliation.