by Andrea West
Posted on 2017-06-05 12:37:00
Okay, so maybe not automatic everything, but when you use property management software, landlords can set up automatic invoices, residents can set up automatic payments, and the two automatically upload to an accounting ledger that both the landlord and the resident can see.
How does this work?
As a landlord, you know that the rent is going to be due every month so it’s nice when you can setup the invoice once and not worry about posting it for the next year or so.
Setting up automatic invoices is easy, though they do need to be maintained. You go to your resident’s profile page, put in the date that you want the invoices to start and for how much, then voila! You now have invoices that will post every month. Initially, you can put in the date for the invoices to end, but sometimes landlords don’t know how long their residents will be renting from them, so you can wait to put in the final invoice date until they move out.
With a pile of bills to be paid, stress could be relieved if some of those bills could take care of themselves. That’s where automatic rent payments come in.
When you have your resident portal setup with your bank account, just a few more clicks and paying rent is something you no longer have to worry about. You can determine what day each month the rent is paid along with how much money you want pulled. Just be sure to cancel your automatic payments when you move out of that rental property.
In order for both the landlord and the resident to be on the same page regarding when rent is due, how much is due, and when the resident paid rent, the ledger is updated whenever payments or invoices are added. The landlord can view the ledger on the resident profile page and the resident can view the same ledger from their own tenant portal.