To ensure that a past expense is accurately reflected in the month’s owner’s report, it’s important to understand how the system processes income and expenses:
1. Recording Date Matters: The income and expenses for owners are displayed based on the date they are logged into the system. For instance, if you record an expense from January in April, it will appear in the April statement.
2. Monthly Cycle Completion: The April statement will only be available once the monthly cycle, as defined in your management fee settings, is completed. This means that expenses recorded after the cycle starts will not appear until the next reporting period.
3. Avoiding Statement Alterations: The use of the record date helps prevent any alterations to income or expenses for statements that have already been provided to the owner. This ensures accuracy and integrity in financial reporting.
4. Manual Updates for Previous Months: If you need to display an entry that should have appeared in a previous month’s statement, please contact us with detailed information. Our development team can assist by manually updating the date for you.
By following these guidelines, you can effectively manage how past expenses are reflected in owner reports and maintain accurate financial records.
Understanding the distinction between Add Income and Add Rental Income is crucial for accurate financial tracking. Here’s a detailed comparison:
- Add Income:
- Purpose: This option is used to log any non-rental income.
- Examples: Non-rental income can include earnings from sources such as laundry services, booking hall rooms, or other miscellaneous income streams.
- Functionality: When you log non-rental income, the system records it without generating a rental-specific invoice.
- Add Rental Income:
- Purpose: This option is specifically designed for logging rental income received from tenants.
- Examples: For instance, if a tenant comes in and hands you a cheque for a month’s rent, you would use the ‘Add Rental Income’ option to record this transaction.
- Automatic Invoice Creation: When you log rental income, our system automatically creates an invoice (if one does not already exist) to ensure proper documentation of the transaction.
Summary:
- Use Add Income for any non-rental earnings, while Add Rental Income should be utilized specifically for recording payments received from tenants for rent. This distinction helps maintain clear and organized financial records.
Understanding the distinction between Add Income and Add Invoice is essential for effective financial management. Here’s a breakdown of each option:
- Add Income:
- Purpose: This option is used to log any income that does not require the creation of a formal invoice.
- Automatic Invoice Creation: Even though you are logging income without creating an invoice, our system automatically generates an invoice for record-keeping purposes.
- Use Case: This is ideal for recording one-time payments or miscellaneous income that does not need to be billed through a tenant.
- Add Invoice:
- Purpose: This option is specifically designed for creating invoices to collect money from tenants.
- Visibility on Tenant Portal: When an invoice is generated, it becomes visible to the tenant on their portal, allowing them to review and pay the amount due.
- Accurate Income Logging: Creating invoices is the correct method for logging income, as it facilitates the generation of the Accounts Receivable (AR) report for each month. This helps in tracking outstanding payments and managing cash flow effectively.
Summary:
- Use Add Income for informal or non-invoice related income entries, while Add Invoice should be utilized for formal billing to tenants, ensuring proper tracking and reporting of receivables.
You can record past (or future) income in the system by following these steps:
1. Navigate to the Accounting section.
2. Use the “Invoice” feature to create invoices for past income.
3. Alternatively, select the “Add Income” feature to directly enter income amounts.
This process allows for accurate tracking and management of all your income.
To record past (or future) expenses in the system, follow these steps:
1. Access the Accounting section of the system.
2. Choose the “Bill” feature to enter expenses associated with specific bills.
3. Alternatively, select the “Expense” feature to record general expenses.
By using these options, you can efficiently track and manage all your expenses as needed.