Creating Invoices in STRATAFOLIO

STRATAFOLIO offers simple and streamlined invoicing within our software. First, all invoices created within our software are seamlessly pushed to your QuickBooks Online accounts, typically within minutes. Also, since STRATAFOLIO integrates all your QuickBooks accounts together in one place, by using bulk invoicing, you can create invoices across all your QuickBooks accounts with just a couple of clicks. Finally, when you create invoices in STRATAFOLIO, the system automatically captures rent changes and escalations, ensuring that you never miss an escalation.

How to Invoice in STRATAFOLIO

To begin invoicing through STRATAFOLIO, navigate to the Rent Collection page by clicking Operations, then Rent Collection in the left-hand navigation panel.

Rent Collection Page

The Rent Collection page is packed full of helpful information and search options. You can search by Organizations, Entities, Assets, etc., as well as invoice status (not invoiced, draft, or invoiced) and invoice balance (overdue, current, or credit). The Rent Collection page also shows the balance due for each invoice, and you can click on the invoice number to open a detailed view of the invoice.

Select Invoice(s)

TIP: When you first navigate to the Rent Collection page, starting on the 16th of each month, the dates will always default to the next month. Example: If today’s date is May 3, the default dates on the Rent Collection page will be May 1 to May 31, but if today’s date is May 16, the Rent Collection page will default to June 1 to June 30.

1. First, verify that the From & To dates are the correct range for the invoicing period. If you don’t select this correctly, you might miss an opportunity for rent escalation.
2. Next, select the Lease(s) to add the invoices. You can choose one lease, several leases, or all for invoicing. Each one you select will be a separate invoice for that lease based on the information in the Lease section of STRATAFOLIO (income item, rent rate, CAM amounts, etc.).
3. Then, click the Add Invoices button .

Creating a Single Invoice

If you select one invoice using the steps above, the Add Lease Invoice popup window will open. This window automatically fills in most fields with the information you provided for Lease Rate and Op-Exp when you entered the lease into STRATAFOLIO.

A description of each field is below:

1. Invoice Date (required) – This is the posting date that will be used in QuickBooks. It is NOT the due date. It defaults to today’s date, but you can adjust it if needed, such as changing it to the 1st of the month to align with the invoice date.
2. Due Date (required) – This is the date that was stated in the lease, such as the 1st of the month. You can update the due date, but if you see a date that does not match the month you selected in the filter, cancel it and confirm that your dates are accurate before proceeding.
3. Accounting Software Customer (required) – The Accounting Software Customer is the Customer in the QuickBooks account and selected in STRATAFOLIO when you entered the Tenant‘s information.

This section of the invoice includes the information that was already entered for the Lease in STRATAFOLIO.

4. Income Item (required)-This is the Income Item created in QuickBooks for posting this line item. The system automatically populates the Income Item based on the lease information you set up in STRATAFOLIO.
5. Classification -If applicable, the system will automatically fill in the Classification based on the lease information you enter in STRATAFOLIO. Ensure that this aligns with the Class you set up in QuickBooks for posting this invoice.
6. Description – Add a description if desired. For example, “July 2021 Rent.”
7. Amount (required) – The system will automatically calculate the Amount based on the lease rate and/or the operating expenses for the selected time period. You can adjust this amount if necessary. The amount for Rent and Op-Exp will reflect any escalations entered for that lease period.

TIP: It is important to remember to update the Lease Rate and Op-Exp whenever there is a change to the lease!

8. Add Line Item Button – If needed, click this to add an additional line for billing. For example, a one-time payment for utility reimbursement or a late fee.

9. Invoice Message – Add a message if needed. This will appear at the bottom of the invoice.
10. Statement Message – Add a message if needed. This will appear on the statements created in QuickBooks.
11. Save Draft – Select Save Draft to save the invoice(s), but not sync them with QuickBooks. This option allows you to create the invoice and return later to make changes. Or,
    Save and Finalize to save the invoice(s) and sync them with your QuickBooks accounts. When you click the Save and Finalize button, a confirmation popup will appear, asking you to confirm that you want to finalize the invoice.

NOTE: Once you Finalize an invoice it will be synced with QuickBooks and any changes to the invoice will need to be made in QuickBooks. All changes made in QuickBooks to an invoice will sync back and be updated in STRATAFOLIO.

Bulk Invoicing

Bulk Invoicing allows you to create multiple invoices at once. Select more than one lease, then click the Add Invoices button . With bulk invoicing, the Add Invoices popup will open. A description of each field is below.

NOTE: All information entered on this page will be reflected on all selected invoices.

1. Invoice Date (required) – This is the posting date that will be used in QuickBooks. It is NOT the due date. It defaults to today’s date, but you can adjust it if needed, such as changing it to the 1st of the month to align with the invoice date.
2. Base Rent Description – If desired, add a description. For example, “July 2021 Rent.” This will be the same on all invoices.
3. Invoice Message – Add a message if needed. This will appear at the bottom of all of the invoices.
4. Save Drafts – Select Save Drafts to save the invoice(s), but not sync them with QuickBooks. This option allows you to create the invoice and return later to make changes. Or,
   Save and Finalize to save the invoices and sync them with your QuickBooks accounts. When you click the Save and Finalize button, a confirmation popup will appear, asking you to confirm that you want to finalize the invoices.

Finalizing a Draft Invoice

If you select Save Draft instead of Save and Finalize when creating a single or bulk invoice, the system will mark it as a Draft and highlight it in red in the Invoices column.

• You can only edit draft invoices in STRATAFOLIO until you finalize them.
• You must finalize draft invoices in STRATAFOLIO to sync them with QuickBooks.

Select the invoice from the list, then click the Finalize button to Finalize it and get it ready to be created in your QuickBooks.

After you click the Finalize button, a popup will appear, prompting you to confirm that you want to finalize the invoice.

Your invoice will not show in QuickBooks until STRATAFOLIO completes a sync with your account. If you are using QuickBooks Online, this will usually happen within minutes. If you are using QuickBooks Desktop, you need to run the Web Connector and sync the account to finalize it, so it appears in both STRATAFOLIO and QuickBooks.

Other articles that may be of help are How to Turn Off Custom Transactions Numbers in QuickBooks Online, Adding Invoice Payments in STRATAFOLIO, and Tracking Paid & Overdue Invoices in STRATAFOLIO.

Want to learn more?

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