Find out more about how you can track your rent payments.
In this video you will find out how to categorise your rent payments and expenses.
After learning how to add properties and connecting your bank account, 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 here, when you get the rent directly from the tenant.
After the bank account has been added, head to the ‘Transactions’ screen. Underneath the ‘Balance’ tab you will find different filters, which are used to help find a transaction.
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 are your rental payments).
You can also search by amount. For example, if we are looking for the rent payment of £420, type £400 in the ‘Amount from’ tab. The relevant transaction will appear straight away.
- So with any transaction, once you want to categorise, click on it.
- The table will automatically open up on the right hand side.
- This allows you to select the category you are looking for, for example rental income.
- Then select ‘Property’ and select ‘Tenant’.
- In this case, there are no tenants added to this property.
- In order to assign a tenant, click on ‘Add tenant’.
- Fill out the details, including tenant’s ‘Name’, ‘Rental amount’ and ‘Next Payment Date’.
- The next tab is ‘Tenancy start date’, which in this example we will need to search for, using the filters, to help us find the earliest payment.
- The tenant in this example puts TSB in his/her payments, so we can search for ‘TSB’ as a keyword.
- All the rent payments will now be filtered by ‘TSB’.
- Scroll all the way down to the first payment, which is in January 2020 in this case.
- Add the date to your table on the right hand side and hit ‘Save’.
- To track this transaction, hit ‘Save’ again. This will bring up all rent payments, including the latest one, which is now connected to the property and to the tenancy.
- At the bottom of the page on the right hand side, there will be two options to track your transactions. Hammock will find similar transactions. (It automatically goes through the entire bank feed and finds anything that looks similar).
- Click ‘View matching transactions’, which will bring up all other transactions for this property. Check the description and dates match the rent payments.
- ‘Select all’ at the top and hit ‘Track’.
- Now that all historical payments are tracked (which only took around a minute), Hammock will now 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.