Correct a rent that was typed wrong

If the monthly rent on a tenancy was recorded wrong, you can correct it without recreating the tenancy. You keep the charges, the payments and the documents.

The short version

• Open the lease, go to Settings, and find Monthly rent.
• Type the correct amount and choose Save rent.
• Before the tenancy is signed you can correct it either way.
• After it is signed you can correct it down. To raise it, use the rent increase flow so your tenant gets their notice.

Step by step

1. Open the lease and choose the Settings tab.
2. Under Monthly rent, type the correct amount in dollars.
3. Choose Save rent. You will see Saved. when it is done.

Every correction is recorded, so your books show what the rent was, what it became, and who changed it.

Why you cannot raise the rent here

Once a tenancy is signed, the rent is what your tenant agreed to pay. Raising it is a rent increase, and a rent increase has rules: a provincial guideline, a minimum notice period, and a limit of one increase every 12 months. Wealthru will not let you sidestep those by editing a number, so it refuses the change and tells you where the increase belongs. See Send a rent increase notice.

Lowering the rent is always allowed. No province asks you to give notice before charging less.

What happens to a scheduled increase

A scheduled increase is a notice you have already served, so Wealthru keeps it in step with the tenancy.

• The tenant moves out. The increase is withdrawn. Your former tenant is not told their rent went up, and the rent on the record does not change.
• You record a move-out date before the increase would start. Same thing, the increase is withdrawn, because the tenant will not be there.
• You record the tenancy as entered in error. The increase is withdrawn with the rest of it.
• You renew the tenancy. The increase moves onto the new term, which is the one being billed from the renewal date. An increase that takes effect before the new term starts stays on the old term, because that is the term still being charged.

A withdrawn increase is kept on the record, not deleted. It does not come back if you cancel the move-out, so serve a fresh notice if you still want the increase.

The month an increase takes effect

If the month was already charged at the old rent before the increase took effect, Wealthru posts a small top-up charge for the difference rather than changing the charge that is already there. When the increase starts part-way through the month, the top-up covers only the days at the new rent. Your original charge is left exactly as posted, so your books still show what was charged and when.

Wealthru leaves the month alone in a few cases, on purpose:

• the month has not been charged yet, so the charge will use the new rent anyway,
• the charge for that month was one you priced yourself, so topping it up would be guessing,
• the month is in a closed accounting period.

Once every 12 months, across a renewal

Most provinces allow one increase every 12 months, counted from the last increase or from the start of the tenancy. Renewing does not restart that clock. Wealthru counts across every term of the tenancy, so an increase you served on an earlier term still counts, and a renewal does not make you wait another year.

Good to know

• This is tooling, not legal advice. Confirm your province's rules before serving any notice.
• Correcting the rent does not change charges that are already posted. Fix those on the Money tab.
• The rent on the lease is what future charges are priced from, so it is worth getting right.