Payments manually marked as paid in TurboTenant
This article discusses how payments that you have manually marked as paid in TurboTenant flow into your REI Hub portfolio and how they can be matched to your bank statements. For more information on the TurboTenant integration, click here for setup and subscription information, and here to learn more about payments processed electronically through TurboTenant.
KEY TAKEAWAYS FROM THIS ARTICLE:
- Payments you manually mark as paid in TurboTenant are automatically imported to REI Hub and recognized as revenue as soon as you mark the invoice as paid.
- Deposits into your linked bank account corresponding to those manual payments should be booked using the 'TurboTenant Deposit' transaction type.
- These deposits should NOT be booked as revenue to avoid overstating revenue.
PAYMENTS MANUALLY MARKED AS PAID IN TURBOTENANT ARE AUTOMATICALLY IMPORTED
Payments that you manually mark as paid in TurboTenant, (but not electronically collected 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.
When manually marked as paid payments are imported to REI Hub, they are booked to the 'TurboTenant Manual Payments' asset account. This is essentially an 'undeposited funds' account. When you receive a cash or check payment, the system doesn't automatically know if, when, or what bank account you will deposit those funds to, which is why they are not automatically booked directly to your bank account.
BOOK THE DEPOSITS FROM YOUR IMPORT FEED AS 'TURBOTENANT DEPOSIT'
If you have linked your operating bank account(s) into REI Hub, you will have deposits in your import feed that correspond to the payments you have manually marked as paid in TurboTenant. Since the integration has already imported all the invoice level details for tax time and reporting, we do not want to book those deposits as revenue (as that would double record your revenues). Instead, book these deposits using the 'TurboTenant Deposit' transaction type.
Click Book on the transaction in your import feed, and select the TurboTenant Deposit transaction type:
When you select the 'TurboTenant Deposit' transaction type, we are transferring funds from the TurboTenant Manual Payments account (undeposited funds) to your bank account. Absent this step, manually marked as paid payments will fund the TurboTenant Manual Payments account (visible on the Balance Sheet). This doesn't affect your tax liability - but it also doesn't reflect the fact that you deposited those funds into 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.
If you 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.