Combined General Ledger View of Income and Expenses Together, plus Bank Account Support (Reconciliation)

We've added some new features to SimpleRent to enable you to more easily reconcile your accounting entries and payment history with your bank records.

Most recently, we've added a new General Ledger / Income & Expenses combined view, which combines the existing expenses and income ledgers (don't worry, separate ledgers are still available!):

The "Income & Expenses" menu option will take you to the new screen:

Here you can view income/credits/deposits together with expenses/debits/checks, all on one ledger.  The running balance is also included, to help you make sure your entries match your bank statement.

You can toggle/switch between Bank Accounts using the "all bank accounts" drop-down.

Bank accounts can be added and managed from the Accounting --> Bank Accounts menu.  You can add accounts to represent your operating accounts, escrow accounts, owner accounts, etc.

Every payment, income entry, expense, etc can now be tagged with the bank account it ultimately resides in or was received into:

Hopefully these new features will make your bank reconciliation efforts simpler!

Automatically Schedule Tenant Invoices with SimpleRent

Recently we added a great new feature to simplify and reduce administrative effort & time when it comes to generating invoices, and emailing them to tenants.

In addition to generating and emailing invoices manually with just a few clicks each month, SimpleRent now also enables you to further reduce administration time and effort by automating this task for you.

By using the invoice auto-scheduling features, you can have SimpleRent automatically generate all your tenant invoices, and email them separately (and with a customized email subject and message body) to each tenant monthly or weekly on the day you specify.  This "set it and forget" operation will really put your invoice operations on auto-pilot.  Here's how to enable this feature:

On the Rent Roll page, click the "Schedule automated invoices" button.

The "Schedule Automated Invoices" screen appears:

Toggle "Automatic Invoice Generation" to On to enable this feature.  You can choose between a Monthly or Weekly invoice schedule, and specify the day of the month or day of the week, accordingly.

Email Options

"Email each tenant his/her own invoice" - each tenant will receive a customized email (subject/email body) based on the pre-defined Email Template you choose for the message.

"Email me a PDF of all invoices sent" - sends a confirmation email of the invoice batch run with an attached PDF containing a copy of each invoice that was generated.

Click "Save" to finalize your changes.

Note: emails are sent at approximately 1AM Pacific on the day you have configured.  Invoices will have an "as-of" date based on the day they are generated.

Income Statement Report for Property Management plus other Income Accounting Entry Improvements

Today we're releasing some improvements to our simple to use property management software suite, SimpleRent!

We've just added additions to the Accounting areas - including the following new features:

  • Added an Income area to track "other income" just like expenses
  • A new Income entries listing report
  • Added the ability to map payment / fee types to account codes.
  • We've added a brand new report, the Income Statement (also known as Profit & Loss / P&L)

Income accounting entries:

In addition to tracking expenses, you can now also track 'other income' as well as payments.  Previously, your Payment History was the only source of your records of revenue or income.  While this included rent, fees, and other charges (and therefore the majority of your sources of income), our users indicated the need to track other income and have all income consolidated on one ledger - the Accounting --> Income screen is now that:


Payments are clearly differentiated between Other Income, and payments are also auto-assigned to an Account Code.  Other Income sources are also assigned to account codes individually, just like expenses.  If you make changes to the details of an entry that was the result of a payment, those changes will reflect back and be in sync with what is in the payment history.

Income Accounting Entries Report

Just like expenses, income now has its own printable report.  This report can be filtered however you'd like - by property/tenant, owner, date range, or you can selectively print certain entries or all of them:

Map Payment/Fee Types to Account Codes

Payments in SimpleRent can be from different sources - you can collect rent, late fees, flat fees like garbage collection or storage rental charges, or variable fees like utilities.  Each one of these payments corresponds to a fee, and each fee is tagged with a "fee type".  If you're going to track these payments as part of income, it's nice to be able to categorize those payments under a few standard revenue account GL codes.  We've created a way to "map" payment fee types to account codes, on the Accounting --> Payment Income Code Mappings screen:

Just select the correct revenue account code for each payment/fee type you commonly use.  When these payments are shown on the Income screens and reports, they'll be categorized accordingly.  This will also ensure your Income Statement is collated properly.

Income Statement Report

We've added a simplified, standard Income Statement, also known as the Profit & Loss report:

As always, enjoy these new features!


Improvements to Expenses & Work Orders

We just updated our SimpleRent property management software suite with some great improvements and new features:

  • Changes to work orders to better handle sub-total and taxes.
  • Improvement to the Expenses report.
  • Added the ability to create/link expenses at the time you add a Work Order - here's how:

Now, when you add a new work item to a Work Order, you can of course enter the particulars of the work to be performed, including the vendor doing the work, the sub-total, tax, total for the cost, and more.  You can also check the "Include An Expense Entry for this Work Item" box to also create an expense entry on the expense ledger.

The expense entry created will match the Work summary, vendor, invoice, sub-total, tax and total as you have defined in the work item.  It will also get the expense date, account code, and check/ref # that you specify below.

Note: if you delete the work item later, the associated expense entry will also be deleted.  If you go into the Expenses page and delete the expense item without deleting the work item, the work item will remain, but it won't have the associate expense linked to it anymore.  If you make changes to the amounts, vendor, invoice #, etc in the work item screen, the associated expense entry will also be updated.

Enjoy this handy new feature!

Tenant Portal - Tenants Can View Payment History, Print Receipts, Submit Work Order Requests

Now, on the Tenant Portal, tenants can view payment history, print receipts, and submit work orders.

The first step is granting a tenant access to the Tenant Portal - this is done on the Tenant Details page --> Tenant Portal tab:

Ensure you've added a valid email address for the tenant on the General tab first, and then go to the Tenant Portal tab and select "Portal Is Enabled" - the "Send Portal Invite" button appears - click it.

The "Send Portal Invite" popup screen appears confirming that an invitation email will be sent to the tenant to select their password, and confirm the portal account.  Click "Send Now" to send the invite email.

Now you must wait for the tenant to open the email and click the link within it to confirm their new portal account:

Once they've done that, the account will show as confirmed:

 The Tenant can log into the portal using this URL:

It is here that they can view payment history, make work order requests, print receipts, download files, as well as add their bank account and make payments to you via ACH/bank to bank transfer.

Flag Documents As Viewable On the Tenant Portal

To make documents viewable/downloadable to your tenants on the tenant portal, you can flag them as such when you upload them - you can do this in a number of places in SimpleRent:

Property Details --> Files tab:

Person/Tenant Details --> Files tab:

Lease Settings --> Files tab:

And finally, the Work Orders --> Files tab:

You can also make Work Order comments visible to tenants if you wish - this is helpful for Work Orders that are submitted by tenants that you want to respond to and have them visible to the tenant on the portal:


Adjust Rent on a "Go-Forward" Basis from a Specified Date

We just added a new update to the Lease Settings screen which will allow you to adjust the rent (actually any kind of fee or payment) up or down from a specific date going forward.

We already had a feature where you can adjust a specific receivable/payment by editing it from the Lease Settings --> Payment Schedule tab, or the Rent Roll screen - this meant you could modify the amount due or date due of a single payment.  You could also delete a payment that is due as well in this manner.

What this new feature means is that you can now make a change from a date forward and apply that change to all of the subsequent due dates from that point on - this is helpful when you want to increase a tenant's rent (or decrease) part way through the lease.

The new feature is really simple to use - it lives on the Lease Settings --> Payment Schedule tab: