The REI Hub system now offers a universal Excel template for uploading property management data. If a property manager or property management platform helps you collect rent and charges expenses, this information needs to be tracked on a property-by-property basis for taxes. The universal uploader can help you quickly and easily get that data into the REI Hub system.
Note: REI Hub also offers a number of uploads tailored to specific platforms. If your property manager utilizes Appfolio software, click here. If you want to upload data from Airbnb or VRBO, click here.
The universal uploader is a generic spreadsheet template rather than one designed to parse and consume formatted data from a specific source. To use it, you will download the template and then copy and paste your data from its source into the appropriate rows and columns of the spreadsheet.
After you have entered your data into the template and uploaded it to REI Hub, the system will guide you through a mapping process to ensure that transactions are booked to the correct property, unit, and financial account. These mappings will be saved, allowing future uploads to process in just one click.
To utilize the statement uploader, you will first need to add a property manager account. This allows you to track the real-world flow of funds from tenant to property manager to your bank. The upload statement button is in the Quicklinks box of the property manager account page.
Deposits in your bank account from your property manager or platform should be booked as 'Transfer between Accounts' with the appropriate property manager account selected as the 'Transferred From' account. Do not book these deposits as revenue or net income transactions if you have or will upload statement data, as that will result in the duplication or overrepresentation of your revenues.
To Use the Uploader:
1) Navigate to the property manager account
Find the Property Managers page under Accounts on the left-side menu.
2) Click 'Upload Statement' from the Quicklinks box
3) Download the template and open it on your computer
4) Enter your data into the spreadsheet
In the template, each row represents a transaction. The column headers dictate where each relevant piece of data should be placed - such as date, amount, property, and revenue or expense account.
If your data is already in a spreadsheet form, you can copy and paste directly into the appropriate columns.
If your data is in PDF format and cannot be copy and pasted, you will need to transcribe the information into the spreadsheet.
5) Save the file, then upload it
6) Review the property mappings
The system will extract the property names from your statement and attempt to match them to your portfolio properties based on the address. Check the mappings and make any desired changes.
This is only necessary the first time you upload a statement; the system will remember your selections for subsequent uploads.
7) Review the revenue, expense, or balance sheet account mappings
The system will extract the account names from your statement and attempt to match them to the closest account in REI Hub. Check the mappings and make any desired changes.
This is only necessary the first time you upload a statement; the system will remember your selections for subsequent uploads.
8) If the statement includes an owner draw or owner contribution, select whether to ignore or include the transaction
Typically, these transactions should be ignored in the property management upload process and booked from your bank's import feed instead. This is for two reasons:
Property management statements often include a distribution amount per property, but the actual distribution is aggregated into one lump sum. If two distributions were uploaded but only one distribution was actually made, there would be a mismatch between the upload data and your bank feed.
If the payout from the property manager has already been booked (see below) from the import feed, including the transaction with the statement upload would result in duplication and inaccurate records.
Instead, book owner draws and contributions in your bank's import feed using the 'Transfer between Accounts' transaction type.
Do not book owner draws as revenues as that will cause your income numbers to be inflated. The revenues and expenses are already being recorded in the property manager's account.
9) Book the distribution from your property manager in your bank's import feed as a 'Transfer between Accounts'
This can easily be automated if desired by using Transaction Matching Rules to auto-book the transfer from the Property Manager account to your bank account.
Still have questions? Reach out to our Support Team via email at [email protected] or call us at (888)939-6865.