In this video you will find out how to log cash payments manually on Hammock’s Platform.
Whether it’s income or expenses, making sure your cash payments reflect on your statements is essential.
There are different ways to easily record such transactions on Hammock’s Dashboard.
How to mark rental income as ‘Paid’?
Go to the Overview Screen.
If you have received cash for an upcoming payment, you can click on the three dots under the upcoming payments screen.
So it appears on your statements, you need to manually add it by selecting ‘Mark As Paid’.
Then enter ‘Amount’ and ‘Date’.
Please note: this will create an actual transaction and feed your Profit and Loss and Tax Statement. It will appear as a manual transaction, rather than a verified bank transaction.
Go to the ‘Tenancies’ tab.
Choose your ‘Tenant’. (We will select Steve as a tenant for this example).
Once you click on the ‘Tenant’ tab, the next screen will bring up ‘Rent Transactions’ history.
Steve has a missing payment of £1450.42 on the 20th of April.
Select ‘Actions’, which will bring up the new screen.
Click ‘Mark as Paid’, enter the ‘Amount’ and hit ‘Save’.
These examples should be used if there is no actual bank transaction and if you have just been paid in cash.
It will then feed through as ‘Manual’ transaction rather than a bank payment.
For other expenses, or any different type of income, you can add them all from the ‘Transactions’ screen.
For example, click on ‘Transactions’ tab at the top of the dashboard.
Scroll down to ‘Transactions’ and select ‘Add transaction manually’ on the right hand side of the page.
Choose ‘Income’ or ‘Expenses’.
Create a ‘Name’ for your expense, i.e. ‘New Boiler’.
Add the ‘Date’ of the payment and enter the ‘Amount’.
Select your ‘Category’. In our example, we have used ‘Maintenance’ and ‘Replacement of Items’.
Choose a ‘Property’ to link the transaction to.
There is an option to link it to your portfolio, by selecting a ‘Link To’ button.
Select the ‘Payment Period’ and hit ‘Save’.
You will now be redirected back to the transactions history screen, where the payment you have just entered will appear as a ‘Manual’ transaction.