Recurring Expenses Now Supported in SimpleRent (Software for managing rental properties)

We just completed another update to SimpleRent - in response to some great feedback, we decided to add the ability to create recurring expenses. So now you can - here's how:

Access Expenses either from the Accounting --> Expenses Only menu or the Income & Expenses menu (these are available to users on paid plans only).

Click "New Expense Entry" - the Add New Expense Entry screen appears:

Click the new "recurring entry" button next to the Date field 

The date is now irrelevant since the item you're creating with recur, based on your settings.  Notice that a new set of fields/controls are shown on the screen:

You can choose to have your expense entry recur Monthly, Weekly, or Daily. Depending on what you choose, different options will be available - you should choose what day or day of the week the item will recur, and when it will start.  For monthly and weekly scenarios, you should choose how many weeks/months the item will repeat.  We've set a limit here to avoid recurrence iterating out of control, so if you need to extend recurrence beyond a years worth (for example), just add a second recurring item for the second year.  For daily recurring entries, you must specify specifically when the recurrence will end.

Once you've set up the recurrence pattern, everything about the entry (amount, accounting code, description, unit, vendor, etc) will be duplicated for each recurring entry and they will be created and saved.

Each recurring item will be shown with the recurrence icon:

Clicking this icon will show all the entries in the same series:

The recurring entries are loosely linked, so there's nothing stopping you from deleting a specific entry in the series, or modifying it slightly as appropriate after they are created. We view the recurring feature more as a way to quickly create a number of very similar expense entries with little effort, and the recurrence shouldn't prevent you from working with those entries any differently than any other expense record.  We believe we've struck the right balance here between feature and flexibility.

Hope this helps in your accounting efforts!

 

 

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

We just 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!

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

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!