Payments processed electronically through Innago
This article discusses how payments electronically processed through Innago flow into your REI Hub portfolio and how they can be matched to your imported bank transactions. For more information on the Innago integration, click here for setup and subscription information, and here to learn more about payments manually marked as paid in Innago.
KEY TAKEAWAYS FROM THIS ARTICLE:
- Payments you processed electronically through Innago are automatically imported to REI Hub and recognized as revenue.
- Deposits from your linked bank account corresponding to those payments are automatically booked on your behalf.
- If deposits from Innago are not automatically booked for any reason, use the 'Innago Deposit' transaction type.
- These deposits should NOT be booked as revenue to avoid overstating revenue.
PAYMENTS PROCESSED ELECTRONICALLY THROUGH INNAGO
Payments you collect through Innago's payment processing system are automatically imported into your linked REI Hub account via the integration. You can see these transactions on the Innago page (under Accounts on the left side menu) or the Booked Transactions page (under Transactions on the left menu).
Use the filter to toggle between viewing all payments, only electronically collected payments, and only payments manually marked as paid.
Payments are imported already associated with the appropriate property and unit, as well as any included fees or other line items. With this information, everything needed to accurately report on the payment and any associated expenses for taxes is present in your REI Hub account. You will immediately be able to see rent payments reflected in REI Hub's reports, including the Net Income by Property and Schedule E.
AUTOMATIC BOOKING OF YOUR BANK DEPOSITS FROM INNAGO
When electronically processed payments are imported to REI Hub, they are booked into the 'Innago Electronic Payments' asset account. This is essentially an 'undeposited funds' account. When REI Hub detects a deposit from Innago in the import feed of a linked bank account, the system will automatically book it as a transfer from that electronic payments account to your bank account.
The integration automatically recorded all the important property-by-property information in the property management account, so you don't need to split bank deposits into individual property amounts and details manually.
DO NOT BOOK DEPOSITS AS REVENUE TRANSACTIONS
If you collected payment through Innago, or marked the invoice as paid in Innago, DO NOT record the corresponding deposit as a revenue. The revenue has already been recognized, and we don't want to overstate it, so use the Innago Deposit transaction type. If you try to book a revenue over $100 from an Innago connected account, the system will display a warning to help ensure that you do not accidentally double book your revenues.
CONTACT US WITH ANY QUESTIONS
We would love to chat if you have any questions or would like assistance understanding the REI Hub and Innago integration. Contact us via the site at support@reihub.net, or call us at 888-939-6865.