As a Landlord, the majority of income into my bank account are rent payments, usually by Standing Order, for the same amount each month or quarter. Currently Auto Tagging rules can allocate rents to a tenant (client) however cannot auto allocate to a specific rent invoice. In the majority of cases, there will be just 1 invoice due, matching the sum received into the bank, so it would be very helpful if the Auto Tagging could allocate the income against the outstanding invoice, rather than having to be manually allocated. If there are several invoices outstanding or the sum received doesn’t match the outstanding invoice, then the rule could leave the item untagged for manual approval. But in almost all cases it should be an easy match. Would this be possible to consider adding as a feature at some point for Landlords?
Hello @TimF
One option is you could create a rule for the invoice to be created and auto allocated from the standing order payments received.
Thanks for the suggestion Steve. The problem with that method is that there would be no easy way to monitor any rent not received; there would be no outstanding/unpaid invoices to chase.
Any unpaid invoices will be shown by looking at your list of sales (because each rent invoice is a sale) and any which are not paid will not be tagged. As a landlord, thats exactly what I do
I think the suggestion was that invoices are auto created from rent received into the bank; so if rent is not received there would be no invoice created, and therefore none showing as unpaid.
If I’ve misunderstood that suggestion please let me know.
Ah I see… No that would never be desirable asnot only would hou not identify missed payments, bht I am not even sure it would meet badic accountancy rules as you would only be accounting for money in, not goods or services provided.
Its the same as a supermarket…their “invoices” are the sales through the till, but they dont acvount for any goods stolen. Nudt like unpaid rent would be accommodation stolen.
The answer is recurring invoices to document what you Should have received, auto tag where possible and whatever is left is what you need to chase
Thanks Chris. Yes that’s how I have things set up now. The Auto Tagging Rent received against an outstanding Rent Invoice was what I was hoping to achieve, but that doesn’t seem possible at the moment.