Setup and subscription for the RentRedi integration
REI Hub and RentRedi have partnered together to better serve their mutual customers by integrating their respective services. RentRedi customers can now add REI Hub onto their RentRedi subscription, enabling the custom built integration that will import all payments processed through RentRedi into REI Hub. This prevents you from having to manage your payment information in both your property management system and your accounting system- saving you serious time.
KEY TAKEAWAYS FROM THIS ARTICLE:
- The integration must be activated from your RentRedi account. RentRedi manages subscription and billing for all integration customers.
- Existing REI Hub subscribers who wish to add the integration must activate the integration through RentRedi, and then contact REI Hub support for assistance in merging portfolios.
- Payments are automatically imported from RentRedi and immediately recognized for taxes. Therefore, all deposits in your linked bank accounts that correspond to these payments should be booked as a Transfer Between Accounts or RentRedi Deposit to prevent double booking revenue.
- Payments electronically processed through RentRedi, and payments manually marked as paid in RentRedi are handled differently.
GETTING STARTED AND PORTFOLIO SETUP
To activate the integration between RentRedi and REI Hub, go to your RentRedi account. Follow the prompts to Add Accounting to your RentRedi subscription. This is the only way to activate the integration - subscribing to RentRedi and REI Hub independently will not do it.
After you activate the REI Hub accounting add on to your RentRedi subscription, the custom integration will create a new REI Hub portfolio with all of the properties and units existing in your RentRedi account. The system will import all historic RentRedi payment transactions, including both electronically processed payments and manually marked as paid payments.
In your new REI Hub portfolio, you will be prompted to create a password and to (optionally) enter Estimated Market Values for your properties.
The recommended next step is to
link your operating bank and credit card accounts to securely import transactions and save manual data entry.
PAYMENTS IMPORTED THROUGH THE INTEGRATION
Payments are imported from RentRedi differently based on how they are processed and recorded in RentRedi.
Click here to learn about payments processed electronically through RentRedi, and
here to learn more about payments manually marked as paid in RentRedi.
As payments are imported from RentRedi to REI Hub in real time, they are immediately recognized for taxes with the appropriate property, unit, revenue, and expense information.
Any imported deposits in your linked bank accounts associated with RentRedi payments should be booked as a RentRedi Deposit, or a Transfer Between Accounts. This prevents double booking your revenues, as that information has already been brought in through the integration.
SUBSCRIPTION AND BILLING
RentRedi manages subscription and billing for all customers utilizing the integration, as it is only available by adding REI Hub onto your existing RentRedi subscription. Please contact the RentRedi support team with any questions related to subscription, billing, and payment information. The REI Hub support team does not have access to this information and cannot process changes on your behalf.
EXISTING REI HUB SUBSCRIBERS
Current REI Hub subscribers who wish to take advantage of the integration will need to follow a similar process. You will need to add accounting onto your RentRedi account, creating a new REI Hub portfolio linked to RentRedi. Please contact the REI Hub support team for assistance in merging your two portfolios (this must be done manually by the technical team) and to cancel your direct subscription.
CONTACT US WITH ANY QUESTIONS!
We would love to chat if you have any questions or would like some assistance better understanding the REI Hub and RentRedi integration. Contact us via the site, at support@reihub.net, or call us at 888-939-6865.