Adding Invoice Payments in STRATAFOLIO

Last modified: July 3, 2024
Estimated reading time: 1 min

We know owners and managers encounter many different situations, and sometimes, it is easier to post your invoiced rent payments in STRATAFOLIO rather than QuickBooks. Since STRATAFOLIO syncs with your QuickBooks account, once you add a payment to one account (either QuickBooks or STRATAFOLIO), it will sync to the other.

One advantage of adding payments through STRATAFOLIO is that all your QuickBooks accounts are accessible in one place. In STRATAFOLIO, switching between separate QuickBooks accounts to add payments is quick and easy. In fact, in STRATAFOLIO, there is no “switching” since all invoices appear in one location under the Rent Collection tab.

Receiving payments is a simple process within STRATAFOLIO.

Go to the Rent Collection Tab

  1. The first step is to select the outstanding invoice(s) to which you want to add the payment.
  2. Next, you will select Add Payments.

Add the Payment Details

  1. Select the Date the payment was received.
  2. Identify the Type of payment received: Cash, Check, ACH, or Other.
  3. Add any Reference to help you track the payment received, such as the check number.
  4. Select which asset account the payment will be posted to in your QuickBooks.
    • In QuickBooks, you typically post a deposit to Undeposited Funds and then move it to another account. You can use STRATAFOLIO to post the payment to any asset fund for this QuickBooks.
  5. Select the invoice(s) that were paid and the amount paid. If the amount received was different than the balance, you will need to adjust the Amount Received.
    • Displayed will be all invoices with an outstanding balance for the selected tenant(s).
    • You can not post an amount more than the amount due on the invoice. If you have to apply an overpayment to an invoice, you need to do this in QuickBooks.
  6. Select Add Payments. QuickBooks and STRATAFOLIO will sync on the next scheduled sync for QuickBooks Desktop or within minutes with QuickBooks Online.

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