A Manual Account is simply a bank or credit card account in REI Hub that is not electronically linked to the financial institution for automatic transaction import. Adding bank and credit card accounts—manual or linked—allows you to track how funds flow through your rental business most accurately.
Using a manual account doesn't mean you have to enter every single transaction manually. You can easily upload transactions from a bank export to skip the manual data entry and take advantage of our time-saving automation, like transaction matching rules and loan payment templates.
If you choose not to set up a bank account, you can still book transactions using the default Owner Funds account. This account represents your money that is not currently tracked by your rental business. You can still easily enter transactions and create a Schedule E or Net Income for your business. However, you would need to add accounts from the banking page to track account balances and easily differentiate between what is in your checking account and your savings account.
Check out this Help Center article if you'd like to connect a linked bank account for transaction import.
To Add a Manual Account
1) Navigate to the Banking page and click Add Account
2) Select 'Create a Manual Account' and click Next
3) Follow the prompts to enter the account details
Choose whether the account is a bank or a credit card account and give the account a name.
You will also have the option to assign a default property to the account that pre-selects the chosen property when booking transactions. You can edit the property field, but it is generally a good idea to only select a property if the account is used for that property alone. Otherwise, please leave it blank, and you simply select the appropriate property for every transaction.
4) View your new account on the Banking Page
Click here for a walkthrough of uploading transactions from a bank export!
Still have questions? Reach out to our Support Team via email at [email protected] or call us at (888)939-6865.