Find out more about how you can track your rent payments.
In this video you will find out how to categorise the rent payments that you collect from tenants. To find out how to categorise rent payments collected through a letting agent, click here.
After learning how to add properties and connecting your bank feed, it’s time to start tracking rent payments. To get an instant reconciliation of transactions on your property portfolio, this video will take you through the steps of searching for transactions using filters, adding tenants and categorising rent payments.
In this example, we will look at how you track rent when you get the rent directly from the tenant.
After the bank feed has been added, head to the ‘Transactions’ screen. Above the list of transactions, you will find different filters to help you find the payment you are looking for.
You can use keyword search if you know a specific word or reference used by a tenant.
Transaction type is another way of searching, for example by income (which typically are your rental payments).
You can also search by amount. For example, if we are looking for a rent payment of £1,100, type £1,100 in the ‘Amount from’ field. The relevant transaction(s) will appear straight away.
- To categorise the transaction, click on it.
- A table will automatically open up on the right-hand side.
- This allows you to select the category you are looking for, for in this case 'Rental income'.
- Link the payment to the relevant ‘Property’
- Select the tenant from the ‘Tenant’ drop down.
💡 You can also add a new tenant directly from this screen by clicking on ‘Add tenant’. - Hit ‘Save’. This rent payment is now linked to the correct property and tenant.
- If there are more than one rent payments from the same tenant, you can categorise them in bulk. At the bottom of the page on the right-hand side, there will be two options for Hammock to find similar transactions. (It automatically goes through the entire bank feed and finds anything that looks similar).
- Click ‘Search & Track’. This will add a tick box next to each transaction on the screen. Check that the description and dates match the expected rent payments from this tenant.
- ‘Select all’ at the top and hit ‘Update [number] transactions’.
- Now that all historical payments are categorised (it only took around a minute!), Hammock will track all these rent payments automatically in the future.
- A notification will be sent once the rent has been paid. It’ll also automatically get assigned to that tenant and property.