Effect of Property Policies_Refunds and Forfeits

Effect of Property Policies - Refund and Forfeits

Property policies are functions that establish how eSite responds for all properties with the same Property Policy Group.

Property refund and forfeit policies determine various methods of calculations and how refunds and forfeits should be handled.

The defaults for Calculations assume the system should not round the billing/credit or the security deposit interest prorations.
The defaults for Lease policies define what is considered a normal lease term.
The defaults for Lease Expiration assume if a lease expires, the system should automatically change the lease status to MTM, increase the base rent to market if MTM or keep the current base rent if higher than market and which income code to use if automatically adding a MTM recurring charge.
The defaults for Refunds & Forfeits determine when the system advances to the Refund & Forfeit options, if separate refund transactions should be created for each responsible party, if a Refunds letter is normally printed and if and when a resident history report should be printed. Your administrator can make selections that turn off some or all of these defaults. However, caution should be exercised when altering defaults because the results can have far–reaching effects in the way the system handles your batches.

NOTE that an administrator can change policy settings. Caution should be exercised when altering defaults or established settings, as changes can have far-reaching effects on the way the system handles refunds and forfeits.