Why does my bank account show different balances on the Banking page and on the Balance Sheet report?
Why does my bank account show different balances on the Banking page and on the Balance Sheet report?
The balances on the Account Register page for the bank account and the Balance Sheet report versus the balance on the Banking page content blocks are generated from two different places.
On the Banking screen, the balance displayed is the most recent balance we've received from Plaid or Yodlee via their connection with your banking institution. It is not impacted by the transactions that you've booked in REI Hub.
The balance shown on the Balance Sheet is the sum of booked transactions for the account in REI Hub. It matches what is shown when you click the 'View Account Register' link on the Banking page since this page lists all booked transactions.
There can be several reasons why the balance reported by your bank may not match the balance booked in REI Hub, including unbooked transactions, ignored transactions, or a missing opening balance for the account.
If you have set an opening balance and believe that you have booked all transaction activity from the account, the best way to audit an account balance is by comparing the transactions on the transaction register screen to those listed on your bank's portal or statement (more flexible if you need to make changes) or performing an account reconciliation (more structured).
Either way, you'll likely want to start with the earliest time period tracked and work your way forward.
Can I electronically connect a credit card like a bank account?
Can I electronically connect a credit card like a bank account?
Yes! In addition to connecting your checking or savings accounts, you can connect credit card accounts to your Portfolio. We can connect to any depository account (checking/savings) and credit cards through either of our data providers, Plaid or Yodlee, for your ease of tracking payments and expenses.
Like bank accounts, any transaction passing through this account can be booked into the proper categories to track the flow of money in and out of your business.
Can I delete a bank or credit card account?
Can I delete a bank or credit card account?
Yes! To delete a banking account from your portfolio, please complete the following steps:
Navigate to 'Banking' under the Accounts tab on the left-side menu.
Find the bank that you wish to delete.
If this account has booked transactions associated with it, it cannot be deleted until they are all unbooked. You will know if this is the case by clicking the pencil icon and looking at the bottom of the Edit Account box. If it says MERGE in red, some transactions need to be unbooked. If it says DELETE, select delete, and you're all set!
To unbook any transactions:
Click the dark purple View All button under the linked bank account you wish to delete. Click the square to the left of the transaction to select the transactions you want to batch book. Select 'Undo' for the Batch Option and 'Booked' from the Transaction Status drop-down menus. Click the checkboxes of all of the booked transactions to remove them. Click the UNDO button.Once all transactions are unbooked, follow the steps above to delete the account.
Why are some numbers red and others black?
Why are some numbers red and others black?
The red versus black numbers you see are related to what kind of account they came out of. Checking accounts show deposits in black and withdrawals in red, with parentheses around the numbers. Credit card accounts are reversed, with charges made to the card displayed in black and received payments or refunds in red. They are opposite because checking accounts are asset accounts, and credit cards are liability accounts.
One thing that may help you when viewing the import feed is filtering to an individual account rather than showing all transactions from all accounts simultaneously. You can control which accounts are displayed via the Import Account drop-down menu at the top left of the import feed page.
Can I use REI Hub for international properties?
Can I use REI Hub for international properties?
REI Hub is based in and designed for real estate investors in the United States. Therefore, we cannot guarantee that all the functionality and integrations will work the same way in other countries or that our reporting will be structured appropriately. For example, you would most likely need to update your Chart of Accounts to match that country's tax reporting requirements better.
While not necessarily insurmountable, this presents a series of challenges for users not based in the U.S. (different address formatting; mostly US banks are supported for transaction import; currency is USD only at this time) that may be especially difficult while also needing to conform to specific audit requirements.
There are a few primary barriers for international users. First, our property addresses are structured in a US format with city, state, and zip codes as required fields. You can enter whatever you like in the first line of the address field, though, and that can be edited at any time. Similarly, you can update the property image. So you can get around this without much trouble; a potentially inaccurate address doesn't impact the accounting or reporting functionality.
Another barrier is connecting to your financial accounts. REI Hub connects to two different data providers (Plaid and Yodlee) to securely import transactions from your bank account to REI Hub. Both companies primarily support United States banks, but we have seen some Canadian financial institutions supported. This really comes down to what bank you use and whether or not Plaid or Yodlee supports it. You are welcome to test it out, or let me know what banks you use, and I can try to look it up, too.
We do have a solution for users whose financial institutions are not supported. If you can export your transaction data, we can upload that information in place of a direct connection to the bank. This skips the question of connecting to the accounts and lends itself well to a batch bookkeeping process. This is your best bet if we can't connect to your bank directly.
Finally, the REI Hub system only supports/displays in US Dollars—there is no ability to switch currencies or calculate currency exchanges.
Still have questions? Reach out to our Support Team via email at [email protected] or call us at (888)939-6865.