Audience: Landlords & Property Managers
The standard way to add your rental-related income and expenses into Housters is to add one-time Transactions that match real Transactions on your Bank and Credit Card statements. However, there are times when it’s easier to set up Recurring Transactions, which allow the automatic generation of Transactions on a custom schedule.
For example, if you are a Landlord and pay a property management fee to your Property Manager every month and it is always the same amount, you can set that up as a Recurring Transaction to be generated on the same day each month.
A limitation of Recurring Transactions is that they must be for a fixed amount. This makes them not very useful for Property Mortgage Payments, which have varying principal and interest amounts each month as the amortization schedule progresses. Rather than adding a Recurring Transaction on the Recurring Transactions screen, you will want to edit the Property itself, specify its Mortgage Terms, and set “Auto-Save Future Mortgage Payments?” to Yes. This will auto-generate Mortgage Payment Transactions each month, per the amortization schedule defined on the Add/Edit Property Form.