Payments processed electronically through TurboTenant

Payments processed electronically through TurboTenant

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

KEY TAKEAWAYS FROM THIS ARTICLE:
  1. Payments you processed electronically through TurboTenant are automatically imported to REI Hub and recognized as revenue.  
  2. Deposits from your linked bank account corresponding to those payments should be booked as a Transfer Between Accounts (TurboTenant to your bank account), and NOT as revenue.
  3. The REI Hub system will automatically scan your Import Feed for deposits from the TurboTenant merchant processor, and will automatically book those transactions as a transfer (as described above).  
PAYMENTS PROCESSED ELECTRONICALLY THROUGH TURBOTENANT

Payments that you collect through TurboTenant's payment processing system are automatically imported into your linked REI Hub account via the integration.  You can see these transactions in the TurboTenant property management account and on the Booked Transactions page.  See the TurboTenant account by clicking Accounts on the left menu, and then Property Management below it.  


Payments are imported already associated with the appropriate property, as well as any other line items. This includes late fees and security deposits.



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 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. 

However, there is one final step to fully account for the flow of payments from your tenants to TurboTenant's merchant processing to you - which is accounting for the deposits in your bank account.

MATCHING YOUR BANK DEPOSITS FROM TURBOTENANT

Do you see above how the payment is debited to the TurboTenant account?  Without taking further action, collected payments will fund the TurboTenant account (visible on the Balance Sheet).  This doesn't affect your tax liability - but it also doesn't reflect the fact that TurboTenant deposited those funds into your bank account.  

To account for this accurately, deposits from TurboTenant in your linked bank account should be booked as a Transfer from the TurboTenant account to the bank account that receives it.  The REI Hub system automatically detects deposits from TurboTenant, and automatically books those transactions on your behalf. Here's what that will look like in your Booked Transactions page:



All the important property by property information was recorded automatically by the integration in the property management account, so you don't need to manually split bank deposits into individual property amounts and details.  

With an active TurboTenant integration it is important to not book any deposits from TurboTenant as revenue.  Since everything paid in TurboTenant is automatically recorded as revenue, 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 TurboTenant integration.  Contact us via the site, at info@reihub.net, or call us at 888-939-6865.


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