Manage Multiple Bank Accounts

If you are a landlord who uses multiple bank accounts for your rental properties, this tutorial is for you.

On Smart Housing, you are able to setup multiple bank accounts, determine which bank account receives which rent payments, and setup an automatic sweep to your bank account. Here are all the steps to make it happen.

Step 1 - Setup your bank accounts.

Step 2 - Create the balance accounts.

 a - Click on the 'Money' tab.

b - In the Smart Balance box, click on 'Add Smart Balance.'

c - Choose a name (most landlords give the balance account the same they gave to the bank account). Click 'Next.'

d - If the information is correct, click 'Next' again, then go back to the 'Money' tab.

Do this for each bank account that you will be using on Smart Housing.

Step 3 - Determine which balance account you want rent money to go to.

 a - Go to your tenant's profile page and scroll down until you see the Household Info box on the right-hand side.

b - Click on the drop-down box and select the balance account you want the money to route to. Then click 'Save.'

So for this resident, when I select and save to have their rent money go to the 123 Properties balance account, when I go to the 'Money' tab, that is where I will see the money show up.

Step 4 - Manage Auto-Transfers

This is an option that will allow you to have your rental income sweep into your bank account(s) from the balance account(s) automatically.

a - Click on the 'Money' tab.

b - Click on the large, grey 'Manage Auto Transfers' button.

c - Click on 'Add.'

d - Pick the balance account, and then choose the bank account you want the money to sweep into. Click on 'Submit.'

You will now see your auto-transfer(s) setup.

Step 5 - Transferring money between bank accounts and balance accounts

Let's say that you forgot to assign a balance account to one of your residents and their money went into the Operating Account instead of the Properties 1 account like you wanted. Or you need to move money from one bank account into the other. The 'Transfer Money' option allows you to do this.

a - Click on the 'Money' tab.

b - Click on the large, grey 'Transfer Money' button.

c - Click on the first drop-down field titled Transfer From. All of your balance accounts and bank accounts will be listed. Select the balance account or bank account you want to pull money out of.

d - In the next drop-down field titled Transfer To, select the balance account you want the money to go into. In the next field type in the amount of money you want transferred. Then click 'Next.'

e - The new page that pulls up will list the information you just selected. Make sure it is correct, then click 'Next.'

You have successfully transferred your funds. Be aware, if you are transferring funds out of your bank account, it will take two to three business days to show up in Smart Housing. Once the money shows up in the balance account, it will route to the bank account you set it up to sweep into with Manage Auto-Transfers.