Payments manually marked as paid in RentRedi

Payments manually marked as paid in RentRedi

This article discusses how payments that you have manually marked as paid in RentRedi flow into your REI Hub portfolio and how they can be matched to your bank statements.  For more information on the RentRedi integration, click here for setup and subscription information, and here to learn more about payments processed electronically through RentRedi

KEY TAKEAWAYS FROM THIS ARTICLE:
  1. Payments you manually mark as paid in RentRedi are automatically imported to REI Hub and recognized as revenue.  
  2. Deposits into your linked bank account corresponding to those manual payments should NOT be booked as revenue to avoid overstating revenue. 
  3. The REI Hub system will automatically scan your Import Feed for deposits that match the amount and approximate date range of payments imported from RentRedi and if found, will automatically present a Match.  Otherwise, deposits can be Split (for the system to find a match) or Ignored. 

PAYMENTS MANUALLY MARKED AS PAID IN RENTREDI

Payments that you manually mark as paid in RentRedi, (but do not electronically collect through RentRedi's payment processing system) are automatically imported into your linked REI Hub account via the integration.  You can see these transactions on the Booked Transactions page.  

Payments are imported already associated with the appropriate property and unit, as well as any included fees or other line items.  With this information, 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 and any expenses immediately reflected in REI Hub's reports, including the Net Income by Property and Schedule E. 



Since the payment was marked as manually received in RentRedi, the system doesn't yet know where or when you have deposited the funds, just that you have collected them.  Therefore, we use the Owner Funds account - Owner Funds is a default equity account that represents your money outside of what is currently tracked in REI Hub.  

MATCHING WITH YOUR IMPORTED BANK DEPOSITS

Without taking further action, collected payments will fund your Owner Funds account (visible on the Balance Sheet).  This doesn't affect your tax liability - but it also doesn't reflect the fact that you most likely deposited those funds into one of your linked bank accounts.

To account for this accurately, the deposits in your linked bank account should be Matched to your manually marked as received payments.  Accepting the Match will recategorize the transaction away from the Owner Funds account to the bank account that actually received it. 

The REI Hub system automatically compares transactions imported from your bank account with those imported from RentRedi.  If we find identical transaction amounts within 7 days, we present the Match to you while booking the bank transaction.  This combines the bank imported transaction and the RentRedi imported transaction, and prevents your revenue from being double-booked.



However - if your imported bank transaction doesn't match the amount (perhaps you deposited two checks at the same time) or it doesn't match the date +/- 7 days (perhaps you waited two weeks to deposit the money), the automatic Match will not catch. 

For the former, the Match will catch if you Split the imported deposit into the appropriate amounts. For the latter, book the imported deposit in as a Transfer Between Accounts, choosing Owner Funds as the Transferred from Account and your bank as the Transferred to Account.  

With an active RentRedi integration it is important to not book any imported bank transactions that correspond to RentRedi payments as revenue.  Since everything manually marked as paid in RentRedi is automatically recorded as revenue by the integration, doing so again from your bank account would result in double reporting your revenue.

CONTACT US WITH ANY QUESTIONS

We would love to chat if you have any questions or would like some assistance better understanding the REI Hub and RentRedi integration.  Contact us via the site, at info@reihub.net, or call us at 888-939-6865.





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