How payments are allocated
When a tenant makes a payment, all monies go to a virtual account for each tenancy in Cubbi before being allocated as either rent, bond, or an other invoice that is owing (like water).
For clarity, regardless of the tenants payment method (BPAY, NPP or Direct Debit) once a payment is paid (received/cleared in Cubbi) it is then allocated.
As soon as the payment is allocated, it is then paid out to the owner. This all happens instantly! Learn more about how payments work with Cubbi here.
As a basic rule, everything is allocated to rent unless the exact amount of Bond or an invoice (like water) is paid.
For example if a water invoice is owing for $56.80 and the tenant pays $57.00, it will be allocated as rent because the exact amount of the water invoice was not paid (notice the cents).
For those keen to get more technical...
Cubbi will try and allocate a payment as follows:
- First Rent Payment Due? If exact amount is paid, allocated to rent.
- Bond Due? If exact amount is paid, allocate to bond.
- Invoice Due? If exact amount is paid, allocate to that specific invoice owing.
- If the payment does not match any of the above, allocate to Rent (this is the fall back).
Note: If the wrong reference number is used on a BPAY or NPP payment, the money will be put back into the tenant's bank account.