Real Estate Investar Training

Once rent is showing in your bank feeds, to reconcile the income and account for any expenses that have been taken by your Property Manager please follow the below steps.

Before you start, have a copy of your rental statement with you as it will make it easier to process.

1. Enter the relevant information relating to the rental income transaction:
   • Who - name of Property Management company
   • What - Rent Received 
   • Why - description for rent i.e. "Rent Jan 2016"
   • Investment Properties - select the property the rent relates to from the drop down list
2. Click on Add details located on the bottom right corner of the transaction.

       3. Click into the Unit Price field (the amount showing should be the net rent deposted into your account).

       4. Change the default rent amount to the gross rent amount according to your rental statement under the Unit Price field.

5. Add any expenses into the additional lines that are showing on your rental statement for e.g. Property Management Fees, Sundries and any other fees your Property Manager has charged you as a negative amount. 

6. This should now match your Property Management statement. The total amount should equal the deposited net rent in your bank account. You can also upload and attach a copy of the rental statement if you wish by clicking on the paper icon on the top right corner of the  screen.  Once you've finished, click Save Transaction and then click OK to reconcile the transaction.