Question: Can I record past expenses in the system?
Answer: The system is very flexible. You can enter any previous (or future) expenses into the system using the “Bill” feature or “Expense” feature under the Accounting section.
Question: Can I record past income in the system?
Answer: Yes, you can enter any previous (or future) income into the system using the “Invoice” feature or “Add Income” feature under the Accounting section.
Question: What is the difference between Add Income vs Add Invoice option?
Answer: Add income is to log any income for which you do not want to create an invoice. However, our system automatically creates an invoice for such income logging. On the other hand, you can create invoices to collect money from tenants. When an invoice is generated, the tenant sees the invoice on the tenant portal. It is also the correct way of logging income so that you can generate the Account Receivable (AR) report for each month.
Question: What is the difference between Add Income vs Add Rental Income option?
Answer: Add income is to log any non-rental income such as income from laundry, booking hall room and so on. Add rental income to log any rental income. For example, if a tenant walks in and hands you over a cheque for a month’s rent, you can log that using the ‘Add rental income’ option. Our system automatically creates an invoice (if it does not already exist) for such income logging.
Question: I have added a past expense into the system, but it is not reflected in that month’s owner’s report.
Answer: The income and expense for owners will show up based on the date it is logged into the system. So, for example, if you have an expense from January that you are recording in April, it will show up in the April statement. However, the April statement will be available when the monthly cycle(which you have defined in management fee settings) is completed.
The reason we use the record date is so that there is no chance to add income or expenses for already provided(to the owner) statements.
If you really need to show an entry that supposes to show up in a previous month’s statement, please let us know in detail and our dev team can manually update the date for you.