FrontLobby Lease Records should be updated monthly. However, automations make updating Lease Records quick and easy.
FrontLobby makes it quick and easy to maintain your Lease Records in minutes per month.
For current leases, the FrontLobby platform defaults to a $0 balance each month. If a Tenant has not paid, then login and record the total outstanding debt or mark the balance as paid late. The total outstanding balance may be updated throughout the month. If a Tenant has paid, then you do not have to do anything.
If a Tenant moves out, click on the Lease Record, add a move out date and mark it as a former lease. If there are outstanding debts, turn on the Collect toggle to maximize the likelihood of recovering those debts by sharing the debts with Credit Bureaus like Equifax.
For former leases, the outstanding balance will remain the same until you record it as paid or update the balance. Former lease balances are not reset each month and will only change when you adjust the balance.