Does anyone have a good method for using Manager to manage rental portfolios?
I’d like to track where each tenant is up to with rent, list expenses and income against specific houses and generate rental reports/summaries to give to my tenants.
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To manage rental properties go to Settings - Tracking Codes and list each property.
For Tenant rental reports use Customer Statements if setting them up as Customers or if not, use property P&L report plus drill down on income account.
Hi Brucanna, yes I’ve done that with the tracking codes and listed my tenants as customers.
Should I set up recurring invoices and manually go back and offset rent paid against each one or is there a better way?
Yes, that is the way if you are re-aligning history from being direct Cash Receipts to Sales Invoices + Cash Receipts.
Moving forward, for rental receipts you could use Import Bank Statement and create a Bank Rule which would direct the receipt to the Customer’s account, without needing to input individually.
I have about 4 years of history for each tenant to move across to Manager, is there a faster way? Should I just create journals entries up until last financial year somehow and keep going from then?
Why not use you previous method for those 4 years, just create reports to suit that period and then start with Manager afresh and those reports become an appendix.
The question is, does it matter if the tenant gets two instead of one with one being “redundant” history
Usually the cleanest way to start with Manager is to not import the old history, and to start fresh from a given date.
You can set this date in Manager: Set start date | Manager
And multiple other records have a ‘starting balance’ (e.g. how much that customer owes you, or how much you owe them, as of the start date).
This enables you to start using Manager immediately, and you just revert back to the old system if you need the old data… but keep using Manager going forwards for all new data.