Payments processed electronically through TurboTenant
This article discusses how payments electronically processed through TurboTenant flow into your REI Hub portfolio and how they can be matched to your imported bank transactions. For more information on the TurboTenant integration, click here for setup and subscription information, and here to learn more about payments manually marked as paid in TurboTenant.
KEY TAKEAWAYS FROM THIS ARTICLE:
- Payments you processed electronically through TurboTenant 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 TurboTenant are not automatically booked for any reason, use the 'TurboTenant Deposit' transaction type.
- These deposits should NOT be booked as revenue to avoid overstating revenue.
PAYMENTS PROCESSED ELECTRONICALLY THROUGH TURBOTENANT
Payments that you collect through TurboTenant's payment processing system are automatically imported into your linked REI Hub account via the integration. You can see these transactions on the TurboTenant page (under Accounts on the left side menu) or on 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 manually marked as paid payments.
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 TURBOTENANT
When electronically processed payments are imported to REI Hub, they are booked to the 'TurboTenant Electronic Payments' asset account. This is essentially an 'undeposited funds' account. When REI Hub detects a deposit from TurboTenant 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.
All the important property by property information was recorded automatically by the integration in the property management account, so you don't need to manually split bank deposits into individual property amounts and details.
DO NOT BOOK DEPOSITS AS REVENUE TRANSACTIONS
If you collected payment through TurboTenant, or marked the invoice as paid in TurboTenant, 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 TurboTenant Deposit transaction type. If you try to book a revenue over $100 from a TurboTenant connected account, the system will display the following flag to help ensure that you do not accidently double book your revenues.
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.