No more wrestling with spreadsheets – with RentMaxPro keeping your books up to date has never been easier
Track Every Tenant’s Payments
Whenever you receive a payment from a Tenant, just two clicks from the Dashboard and you can enter the payment you received, assigning it to the correct category such as Rent, Security Deposit, Utilities, other charges, or even refunds etc. You will instantly know if they are overdue or on-time with their payment. Their account will be updated and, if you wish, an email receipt will be automatically sent to them.
At any time you can drill down to see their payment history. If you need to manually adjust their account, for example applying a charge for losing a key, or giving them a refund for helping with some maintenance, that is quickly and easily done. Notes can, of course, be attached to any payment to explain what was happening.
Track Every Expense
Utilities, repairs, bank charges, insurance, whatever the expense, it is a breeze to enter and to assign to the correct category. Expenses can be attributed to specific properties, buildings, or just general business expenses. They can also be assigned to specific work projects. For example, if you have a maintenance task such as “replace the flooring in Unit 10”, all expenses relating to that task can be labelled as such, making your accountant’s life so much easier (and cheaper).
Expenses such as utilities can also be automatically split between several units according to the lease that has been set up. This makes it simple to set up shared utilities plans so that each tenant pays their portion of the building’s utility bills.
Explanatory notes can be added to any transaction to avoid confusion and puzzlement in the months to come!
Bank A/c Reconciliations Have Never Been Easier
No one likes having to reconcile bank statements. But with our novel and automated approach it all becomes so much easier. Many regular transactions can be set up to be recognized and entered automatically so that you only have to deal with the one-off types of transactions such as hardware or office supplies. Can’t find a receipt or invoice? No worries, one click and you can set up a Dashboard Reminder to hunt it down or request another copy from the vendor.
Keep Track of Cash
Cash payments, whether coming in or going out, can be a nightmare to keep track of. RentMaxPro takes the stress out of that: Anytime cash is used it has been either received or paid out by an actual person. RentMaxPro enables you to track that, so at any time you can know which employee owes the company some cash – or is out of pocket for some expense and needs to be reimbursed.
Record Shareholder’s Loans
Whenever one of the owners injects some sizeable money into the company, for example to provide a down payment on a new property, that money needs to be recorded as a shareholder loan so that, down the road, that amount can be paid back without incurring a tax liability for anyone. RentMaxPro will keep that all nice and neat.
Year End Reports
By making the ongoing bookkeeping such a simple part of your everyday operations, you can eliminate all that stress of preparing your books for your Year End Accounts. Just make sure you are up to date with the data entry and reconciliations and then download the automatically generated Excel spreadsheet to send to your accountant. Everything she needs will be in there, including your explanatory notes for unusual entries.
…And that means lower accounting fees.
So why wait? Simplify your life by setting up your RentMaxPro account right now.