What is an Open Item in Property Management?
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An open item is the summarized record of the activity associated with a particular charge on a lease. For example, a single open item indicates how much was charged and how much was paid for November's rent. Open items summarize entries that have the same Charge Date, Summary Charge Type, and Item ID.

Open items print on tenant statements, appear in inquiries, and are used when entering cash receipts to indicate which open items a payment should be applied to. You can also apply credits and deposits to open items.

Usually, an open item is first created when a charge is posted to the lease. At that time, the open item has a charge amount and no credit amount. When you post a payment or credit to the open item, the credit amount increases. When the charge amount and the credit amount are equal, the open item is considered paid. You can use Clear Paid Items (Tools, Clear Paid Items) to delete paid open items and move all of the related entries to a history file. Cleared open items no longer appear on reports and inquiries. Refer to the attachment below for more information about Clear Paid Items.

For example, if you post a November 9 charge of $400 and a November 9 charge adjustment of $35 to a lease with RENT as the Summary Charge Type, the lease then has one open item for $435. After posting a $100 payment to this open item, it has a Charge Amount of $435 and a Credit Amount of $100 with a balance of $335.

Separate transactions appear as follows:

Charge Type

Charge Date

Summary Charge Type

Item ID

Charge Amount

RENT

11/9/2013

RENT

 

$400

RENT

11/9/2013

RENT

 

$35

One open item created by combining these two charges has the following effect:

Charge Date Summary Charge Type Item ID Charge Amount
11/9/2013 RENT $435

When payments are applied against these open items, the following occurs:

Charge Date

Summary Charge Type

Item ID

Charge Amount

Credit Amount

11/9/2013

RENT

 

$435

$100

The balance on this open item is now $335. When the charge amount and the credit amount are equal, the open item is considered paid.

DocLink: How do I run Clear Paid Items in Property Management?
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