Transcription
When work is carried out at a property, you will normally receive an invoice for that work from the supplier or contractor. The supplier will need to be paid for that work, and in turn, you will need to recoup the cost of the work from the landlord.
This two-step process is represented in the system by firstly recording the invoice from the supplier that has carried out the work, and secondly, the property expense which will be charged to the landlord and deducted on their next statement.
To record the supplies involved, first find the supplier by clicking on the "Lettings" tab and then "Suppliers" in the blue submenu, and then click on the "Add Invoice" button against the supplier. The form here is split into two sections: the first for the invoice from the supplier, and the second for adding an associated expense, which is optional.
Enter the details of the supplier invoice, with the date and the amount being the only mandatory fields. You also have the option to set this up as a recurring invoice by ticking this box and setting the recurring details here.
If you are also adding the associated expense at the same time, then keep this box ticked and select the expense type. Property expenses are charged to the landlord, tenant expenses to the tenant, and office expenses are charged to yourself, not to any other client.
The expense needs to be linked to a property, so start typing the property's address here and select the appropriate match that's displayed. Optionally, you can select a category for the expense, and if the expense amount is going to be different to the supplier invoice amount (for example, if you were charging a markup), then you can enter the amount here.
Property expenses charged to the landlords are deducted from rent by default, but if the landlord has a float set up against them, then the system will try to deduct expenses from that instead. If you do not wish this expense to be deducted from any float, then tick this box.
Once the invoice has been created, there are various actions you can perform. If you want to upload a digital copy of the supplier's invoice, then you can here. And when you have paid the supplier, you can mark the invoice as paid here, specifying the payment method and the bank account they were paid from. You can then inform the supplier has been paid by sending a remittance advice letter or email here.
If you need to link the invoice to an existing expense, then you can do so by clicking here and then searching for the expense by reference, property, or tenant. A supplier invoice can be linked to any number of expenses and spread across properties if needs be. To add another expense, click "Click here" and then enter the expense details as before.
As mentioned, the property expense will be deducted on the next landlord statement that you generate, as you can see here.