Today we are 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!