Audience: Landlords & Property Managers
Rent Payment
The Rent Payment Transaction Type is in the Income category, as receiving a rent payment is counted as income. It is intended for tracking when a rent payment from a Tenant is deposited into your bank account. When you add a Transaction that has the Type set to Rent Payment and has a Tenant assigned, Housters will update the Amounts Paid on the Tenant’s Rent Invoices, which will update their rent status. Furthermore, any Transaction Type in the Income category that has “Updates Amounts Paid on Tenant Rent Invoices?” set to “Yes” will have the same behavior.
For example, if the Tenant owed $1,000 and you add a Rent Payment Transaction with an amount of $600, now the Tenant will show as owing $400.
The Rent Payment Transaction Type cannot be deleted.
Security Deposit Payment
The Security Deposit Payment Transaction Type is in the Liabilities category, as receiving a security deposit is counted as a liability, that you now owe the Tenant that money back. It is intended for tracking when a security deposit payment from a Tenant is deposited into your bank account. When you add a Transaction that has the Type set to Security Deposit Payment and has a Tenant assigned, Housters will update the Amounts Paid on the Tenant’s Deposit Invoices, which will update their deposit status. Furthermore, any Transaction Type in the Liabilities category that has “Updates Amounts Paid on Tenant Deposit Invoices?” set to “Yes” will have the same behavior.
For example, if the Tenant owed a $1,000 security deposit and you add a Security Deposit Payment Transaction with an amount of $300, now the Tenant will show as owing $700.
The Security Deposit Payment Transaction Type cannot be deleted.
Property Management Fees Received (Role: Property Manager)
The Property Management Fees Received Transaction Type is in the Income category, as receiving a property management fee is counted as income. It is only for Property Managers and is intended for tracking when a property management fee from a Landlord is deposited into your bank account. When you add a Transaction that has the Type set to Property Management Fees Received and has a Landlord or one of their Properties assigned, Housters will update the Amounts Paid on the Landlord’s Invoices, which will update their payment status. Furthermore, any Transaction Type in the Income category that has “Updates Amounts Paid on Landlord Invoices?” set to “Yes” will have the same behavior.
For example, if the Landlord owed $300 in property management fees and you add a Property Management Fees Received Transaction with an amount of $300, now the Landlord will show as owing $0.
This Type only applies when the Landlord receives rent payments directly from tenants, as they are expected to send property management fees to their Property Manager.
The Property Management Fees Received Transaction Type cannot be deleted.
Payment to Landlord (Role: Property Manager)
The Payment to Landlord Transaction Type is in the Expenses category, as sending on a payment is counted as an expense. It is only for Property Managers and is intended for tracking when you are sending on tenant rent payments minus property management fees to a Landlord. When you add a Transaction that has the Type set to Payment to Landlord and has a Landlord or one of their Properties assigned, Housters will update the Amounts Paid on the Landlord’s Invoices, which will update their payment status. Furthermore, any Transaction Type in the Expenses category that has “Updates Amounts Paid on Landlord Invoices?” set to “Yes” will have the same behavior.
For example, if the Landlord was owed $2,000 and you add a Payment to Landlord Transaction with an amount of $1,800, now the Landlord will show as owed $200.
This Type only applies when the Property Manager receives rent payments directly from tenants, as they are expected to send on the rent minus property management fees to the Landlord.
The Payment to Landlord Transaction Type cannot be deleted.
Cash
The Cash Transaction Type is in the Assets category, as having cash is considered an asset. It is used transparently when in Single Entry Accounting Mode (which can be set from the Preferences screen) to ensure that added Transactions follow the Accounting rule where both sides of the Transaction have to be equal (debits = credits). When in Single Entry Accounting Mode, you specify what the Transaction was for (a rent payment, a repair, etc…) but not where the money came from or went to (e.g. your bank or credit card account.) Housters will then set the other side of the Transaction to the generic Cash Transaction Type. If you switch to Double Entry or Advanced Double Entry Accounting Mode, you can specify where the money came from or went to so the Cash Transaction Type will not be used.
For example, if you add a $500 Rent Payment Transaction then Housters will transparently credit the Rent Payment Transaction Type for $500 (because crediting an Income type will increase it), and then will debit the Cash Transaction Type for $500 (because debiting an Asset type will increase it.) So basically, the rent payment will increase your income and your assets. Read more about the Accounting Modes here.
The Cash Transaction Type cannot be deleted.