Monitoring Invoice Payment Status for Property Managers
If you own income-producing real estate, you know one of the most tedious tasks is invoicing and making sure your tenants pay their rent each month. And when their lease includes late fees, you need a quick and easy way to see which tenants have paid and which are past due. STRATAFOLIO offers invoicing that syncs with your QuickBooks accounts and provides a payment status snapshot.
Viewing Payment Status for Invoices in STRATAFOLIO
1. Create an Invoice
To see payment status in STRATAFOLIO, you will need to create an invoice in either STRATAFOLIO or your QuickBooks account. When you create an invoice in STRATAFOLIO, the invoice is sent to your QuickBooks account. From QuickBooks, you can edit, print, or send the invoices as you normally would. Any changes you make to the invoice in QuickBooks will sync back to STRATAFOLIO.
No matter which way you create the invoice (using either STRATAFOLIO or QuickBooks), the invoice information will sync to STRATAFOLIO and can be viewed on the Rent Collection page.
TIP: Using STRATAFOLIO to create invoices ensures that you will automatically capture any rent changes or escalations that were entered for that lease.
2. Record Payments in QuickBooks
In order to have the status of the invoices accurately reflected in STRATAFOLIO, it is important that payments received are properly linked to the correct invoice for the customer/tenant in QuickBooks. Once the payment is linked in QuickBooks, it will be updated in STRATAFOLIO the next time they sync.
NOTE: QuickBooks Online will sync with STRATAFOLIO each time you make a change in your account. QuickBooks Desktop will attempt to sync every few hours (based on the schedule in your settings).
Reminder: STRATAFOLIO is only as up-to-date as your QuickBooks account!
3. Navigate to the Rent Collection Page
The quickest and easiest way to view the payment status for multiple invoices is to run a report from the Rent Collection page. Using the left side navigation panel, select “Rent Collection” under “Properties.”
4. Select Dates & Sort on Balance
Select Dates: The Rent Collection page will default to next month, so you will need to select the date range that you want to view for current/past invoices. In the example below, I have selected a date range that allows me to capture two billing cycles (Feb 1, 2021 & March 1, 2021).
Sort on Balance: Once you have selected the date range, sort on Balance to bring the past due balances to the top. To sort, click on “Balance.”
In the example above there are a couple items of note:
- Because my selected date range captured two billing cycles, you can see two invoices for Family Dentist. The February balance is $0.00 while the March balance is outstanding and is highlighted in red.
- Scroll right to see more information or click on the green Invoice # block to open the invoice and view the details.
5. Additional Sort Options
Search on Hierarchy: On the Rent Collection page, you can also narrow the search to a specific Organization, Entity, Building, …all the way down to the Tenant level.
Search on Invoiced: In the Invoiced search block, you can select Not Invoiced, Draft Invoice, & Invoiced. This is especially helpful if you prepare the invoices ahead of time and want to find all the draft invoices that need to be finalized.
Search on Balance: In the Balance search block, you can narrow the search by invoices that are Overdue, Current, or have a Credit.
6. Export Report
On this page you also have the option to export the report into Excel, as a PDF, or in CSV format.
If you have any suggestions about what kinds of functionality you would like to learn more about in STRATAFOLIO, let us know. Please send us an email at [email protected]