Before you can start to enter expenses, you need to set up the payment methods that you will use for those expenses. You will also need to set up the bank accounts so that you can attach those payments to an account. You should do this even if you don’t plan to upload and reconcile any statements.
Only put in here the banks that you use for your business.
- Navigate to Manage -> Settings -> Set Up Bank Accounts
- Select your bank from the drop-down box. If your bank is not listed below, please send us a ticket to tell us about your bank. You will need to attach a sample CSV from that bank (download it from your online banking) so that we can identify which columns are for debit, credits, dates etc. Make sure you include the first row of the file. This only has to be done once for each bank and account type.
- Select what type of account it is.
- Give it a nickname for your own personal use and recognition (e.g. Main TD account).
- Canadian law requires you to have a separate account in which you keep your tenants’ security deposits. If this is that account, check the box.
- Add more accounts.
- Click the Green Button.
Now scroll down on that page to add your Payment Methods.
Note that on occasion someone might by mistake use their personal card for a business purchase purchase. For that reason you should list the various personal cards that people have as well.
For each card:
- Give it a nickname. Best is to include the last 4 digits of the card, as that is what will be displayed on the receipt you get from stores, and then maybe the person who uses that card, e.g. ‘John – Scotia Credit 6732’.
- Select which bank it is for. The banks you entered above should appear in this list. If the card is a personal card, then use that instead.
- If it is a personal card, specify who’s card it is? When they use this card for a purchase, it will be credited to their cash account as money that needs to be paid back to them by the business.
- Add more cards…
- Press the Green Button
NOTE: The following payment methods are already built in to RentMaxPro. There is no need to enter them again, unless you want to asign them to particular people.
- bank charge
- Branch to Branch
- Certified Cheque
- Credit to Tenant A/c
- Interac Transfer
- Personal Cheque
- Pre-authorized Debit
- Shareholder Loan
- Wire transfer