Via the integration with RentRedi, the system automatically imports a payment transaction for rent and security deposits as soon as the invoice is processed in RentRedi, whether it is electronically paid or manually marked as paid.
The payment transaction increases the 'Rent' (which recognizes the revenue) or 'Security Deposits Held' account. It is received in either the RentRedi Electronic Payments account or the RentRedi Manual Payments account, which are synthetic clearing accounts.
Payments from RentRedi are automatically imported and are attributed to the appropriate account (rent or security deposits).
Every transaction from RentRedi deposited in your bank account's import feed should be marked as a RentRedi Deposit.
The RentRedi Integration
When the deposit corresponding to a RentRedi paid invoice hits your linked bank account feed in REI Hub, they should be booked using the 'RentRedi Deposit' transaction type. This books a transfer transaction from the RentRedi Payments account to your bank account, which shows the bank account as the final destination of funds without duplicating the revenue already accounted for through the integration.
However, sometimes the deposits corresponding to paid invoices in RentRedi are booked as Revenues instead of RentRedi Deposits (transfers). This is especially the case for deposits corresponding to manually marked as paid invoices in RentRedi, which results in incorrect and overstated revenue numbers.
The system does attempt to prevent you from booking duplicate revenues. We display a flag on the Revenue transaction type to help prevent double-booking rent, so if you see the notice below when booking a rent deposit, you should likely switch to the RentRedi Deposit option.
If a paid invoice exists in RentRedi for the transaction in question, book it in your import feed as a RentRedi Deposit, and balances will stay nice and clean.
Do not book deposits in your import feed corresponding to paid invoices in RentRedi as revenues, security deposits, or anything other than RentRedi Deposits.
How To Identify Duplicate Revenues
Notice on Reports
Many of your reports will show if revenue has been marked twice. Reports like the Net Income by Period, Operating Cash Flow by Period, and Net Operating Income by Period will all show revenue monthly.
If these numbers look higher than anticipated, you can click the blue number that will populate all the transactions totaling that amount.
Filter Revenues & Undo Incorrectly Booked Transactions
The easiest way to see this is by navigating to the Transactions tab on the left-side menu, then selecting Revenues. Under the graph, change "All Revenues" to instead show what has been booked to "Rent."
Once filtered, you will see any transaction that was booked using the 'Revenue' transaction type in detail.
The transactions we get from RentRedi for the security deposit and rent values follow the same naming structure every time; the word Rent and whether it was electronically or manually collected:
Rent - Electronically collected by RentRedi
Rent - Manually marked as paid in RentRedi
These are the descriptions that should be on each transaction marked as revenue to the Rent account! If there are any other transactions from the bank account here, those need to be undone. You can click on "view" next to the transaction and click "undo."
Rebook the Transactions from the Import Feed as RentRedi Deposits
The transactions that were undone from the Revenues page will now become unbooked transactions in your bank account's import feed.
Click Book next to the transaction, then select RentRedi Deposit as the transaction type.
Payments processed electronically through RentRedi will automatically be recognized as a RentRedi Deposit.
The RentRedi Deposit transaction type will intuitively recognize whether the deposit was electronically collected or manually marked as paid.
This RentRedi Deposit type is for both rent payments and security deposits that were marked as paid in RentRedi.
Check the Values are Correct 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.
How to Prevent Future Revenue Duplication
Do Not Book Deposits as Revenue Transactions
If you marked the invoice as paid in RentRedi, 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 RentRedi Deposit transaction type.
If you try to book a revenue over $100 from a RentRedi-connected account, the system will display the following flag to help ensure that you do not accidentally double-book your revenues.
Still have questions? Reach out to our Support Team via email at [email protected] or call us at (888)939-6865.