Compliance Management
One of the core promises of WeconnectU Asset Management Software is to assist you to be more Compliant in all aspects of Rental Asset Management. This is crucial for all Rental agencies being able to determine which Assets and Leases are not compliant in terms of the necessary documents that are required by Legislation.
Compliance in the system is reported on the Compliance Card on the Home Dashboard.
Company Compliance
Since the system provides for a real time fully reconciled Trust account at all times, this compliance flag will be set to "Yes".
If any unauthorized transaction goes off of your trust account, you will immediately see this as the Yes under company compliance will change to an amount and the bar will be highlighted in red. If this occurs, WeconnectU will pick it up and investigate the unauthorized transaction. If this is a bank related amount, we will redirect these funds for you. However, if it is something paid out of the account, we will notify you to return these funds to your trust account and do the adjustment for you.
Lease Compliance
Compliance on each active Leases within the system is reported on the Home Dashboard Compliance card under Leases. This will report on the total number of compliant leases according to each of the three documents required by Legislation, namely:
- Tenant FICA (monitored by the upload of the copy of ID for the Tenant)
- Signed Lease Agreement
- Signed Ingoing Inspection
Documents are to be uploaded to the Documents & Compliance tab on the Lease. Once the User has uploaded the required documents, the Status of compliance can be updated from the three-dot menu, and then selecting "Mark as Done".
Should the User attempt to update the status of any of the three Compliance Checks without uploading the corresponding required documents, the system will:
- Prompt the User to supply a reason for not uploading the document
- Once a reason has been supplied, the User can update the status by selecting "Ignore Warning"
- Once updated, the status will be changed to "Completed with Warning"
Mandate Compliance
Compliance on each active Asset within the system is reported on the Home Dashboard Compliance card under Mandates. This will report on the total number of compliant assets according to documents required by Legislation, namely:
- Landlord FICA (monitored by the upload of the copy of ID for the Landlord)
- Signed Mandate
Documents are to be uploaded to the Documents & Compliance tab on the Asset Once the User has uploaded the required documents, the Status of compliance can be updated from the three-dot menu, and then selecting "Mark as Done".
Should the User attempt to update the status of any of the Compliance Checks without uploading the corresponding required documents, the system will:
- Prompt the User to supply a reason for not uploading the document
- Once a reason has been supplied, the User can update the status by selecting "Ignore Warning"
- Once updated, the status will be changed to "Completed with Warning"
