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What is Gross Potential Rent?


The video is at the bottom of the page.

Instruction

During the month, as you charge residents rent and they make payments, your financial reports will show that information. If you are cash basis, you will see rent payments. If you are accrual basis, you will see rent charges/credits.

At this point you will have no entries in:

  • Gain/Loss to Lease
  • Vacancy Loss

The purpose of the GPR entry is to bring your Rent number up to Market Rent (which is the same as Gross Potential Rent.) Then it creates entries for all of the accounts that explain why you did NOT charge or receive the full amount.

It is optional whether you want ResMan to make the month-end GPR entries on cash or accrual basis. It is also optional whether you want ResMan to make the Gain/Loss to lease entry. There is a setting in each property, where these can be turned on or off.

If you have turned these options on, when you Change Current Period, ResMan automatically makes the GPR Journal Entry for you as follows:

Here are some general notes about this entry:

  • All this entry is doing is moving numbers around in your income section.
  • This entry can be found in Accounting > Journal Entries. It can be edited or deleted.
  • To recreate this entry, you would go to Accounting > Journal Entries and run Post GPR Journal Entries.
  • Anytime you adjust rent charges or credits for the previous period, you will need to rerun this function.
    Running it will delete the existing entry and calculate a new entry.
  • The JE that ResMan creates will tie to your Gross Potential Rent Report.

NEED MORE HELP? WATCH THIS VIDEO


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