When using TurboTenant to process rent and security deposits, there are two ways these can be processed:
Electronically collected: this is when you issue an invoice to your tenant, they log onto TurboTenant's site, and TurboTenant electronically processes the payment from the tenant's bank account to yours.
Visit the TurboTenant Help Center for more information on setting up electronic rent payments in TurboTenant.
Manually marked as paid: this is when your tenant hands you a check, cash, money order, or directly sends you a bank transfer through Zelle, Cashapp, Venmo, etc. This shows the money has been collected from the tenant and issues a receipt to the tenant.
Visit the TurboTenant Help Center for more info on payments manually marked as paid in TurboTenant.
Payments from TurboTenant are automatically imported and are attributed to the appropriate account (rent or security deposits). Every transaction from TurboTenant deposited in your bank account's import feed should be marked as a TurboTenant Deposit.
Payments from TurboTenant, whether electronically collected or manually marked as paid, are automatically imported to REI Hub and are recognized as revenue or security deposits to the appropriate property and unit.
Since payments are imported already associated with the appropriate property and unit, as well as any included fees or other line items, this means 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.
If the deposits in your bank account's import feed from TurboTenant are not automatically booked for any reason, use the 'TurboTenant Deposit' transaction type. These deposits should NOT be booked as revenue or security deposits to avoid overstating those accounts.
How To Book a TurboTenant Deposit
1) Navigate to the transaction in your import feed and click 'Book'
2) Select the 'TurboTenant Deposit' transaction type and hit 'Save'
Payments processed electronically through TurboTenant will automatically be recognized as a TurboTenant Deposit.
The TurboTenant Deposit transaction type will intuitively recognize whether the deposit was electronically collected or manually marked as paid.
This TurboTenant Deposit type is for both rent payments and security deposits that were marked as paid in TurboTenant.
3) Double-check values in reports
To ensure the rent values are correct, use the Net Income reports:
Use the Net Income by Property report for a comparative view of all your properties and optionally filter the date range.
Alternatively, you can also use the Net Income by Period report and filter it to the scope of one property to see how much rent was received each month.
To ensure the security deposit amounts are correct:
Use the Security Deposits Held report, filtered This Year to Date.
Alternatively, you can go to the Transactions tab in the left side menu > Booked Transactions > Filter > select the account as Security Deposits Held.
Do Not Book Deposits as Revenue Transactions
If you marked the invoice as paid in TurboTenant, DO NOT record the corresponding deposit as revenue. The revenue has already been recognized, and we don't want to inflate 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 accidentally double-book your revenues.
If your revenues appear in your reports as doubled, follow this Knowledge Base article: Troubleshooting Revenues: Adjusting TurboTenant Deposits.
Still have questions? Reach out to our Support Team via email at [email protected] or call us at (888)939-6865.