Setup and subscription for the TurboTenant integration
REI Hub and TurboTenant have partnered together for the benefit of their mutual customers. TurboTenant customers can now add REI Hub onto their TurboTenant subscription, enabling the custom built integration that will import all payments processed through TurboTenant into REI Hub. This means you don't have to handle the revenue side of your rental business 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 TurboTenant account. TurboTenant manages subscription and billing for all integration customers.
- Existing REI Hub subscribers who wish to add the integration must activate the integration through TurboTenant, and then contact REI Hub support for assistance in merging portfolios.
- Payments are automatically imported from TurboTenant and immediately recognized for taxes. Therefore, all deposits in your linked bank accounts that correspond to these payments should be Matched, booked as a Transfer, or Ignored to prevent double-entering your revenue.
Payments electronically processed through TurboTenant, and payments manually marked as paid in TurboTenant are handled differently.
GETTING STARTED AND PORTFOLIO SETUP
To activate the integration between TurboTenant and REI Hub, go to your TurboTenant account. Follow the prompts to Add Accounting to your TurboTenant subscription. This is the only way to activate the integration - subscribing to TurboTenant and REI Hub independently will not do it.
After you activate the REI Hub accounting add on to your TurboTenant subscription, the custom integration will create a new REI Hub Portfolio with your TurboTenant properties and data. If you have multiple property listings with the same address, the system will automatically combine them into a multi-unit property for easier tax reporting. All payments in TurboTenant, including those electronically processed and those manually marked as paid, will also be imported and tagged to the appropriate property.
In your new REI Hub portfolio, you will be prompted to create a password and to enter Estimated Market Values for your properties. The Estimated Market Value is used in return calculations, and can be updated at your convenience.
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 TurboTenant differently based on how they are processed and recorded in TurboTenant.
Click here to learn about payments processed electronically through TurboTenant, and
here to learn more about payments manually marked as paid in TurboTenant.
As payments are imported from TurboTenant to REI Hub in real time, they are immediately recognized for taxes with the appropriate property, unit, and revenue (or security deposit) information.
Any imported deposits in your linked bank accounts associated with TurboTenant payments should be booked as a Transfer Between Accounts or TurboTenant Deposit. This prevents double booking your revenues, as that information has already been brought in through the integration.
SUBSCRIPTION AND BILLING
TurboTenant manages subscription and billing for all customers utilizing the integration, as it is only available by adding REI Hub onto your existing TurboTenant subscription. Please contact the TurboTenant 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 TurboTenant account, creating a new REI Hub portfolio linked to TurboTenant. 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 TurboTenant integration. Contact us via the site, at support@reihub.net, or call us at 888-939-6865.