When you create a tenancy, the amount of the security deposit specified in the tenancy agreement will be recorded as a line of income in the “Finances” section. You can also manually create a collected security deposit, simply add a revenue of type “Security Deposit” in the “Finances” section. A receipt will automatically be generated for this transaction. Once the tenancy is over and the security deposit is returned, you can record an expense under the heading “Refund of Security Deposit”. A corresponding document will be created to reflect the details of the refund. For this particular type of income Read more
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How to set up a new Rentila account in 10 steps
Here is a template for setting up a new Rentila account in 10 simple steps. Create a property • Enter information about your property (address, description, photos, access codes, equipment, etc.). • You can also save certain contracts and certificates related to this property. Create a tenant • Enter information about your tenants (name, address, phone, email). • You can invite your tenants and give them access to their tenant account. Create a tenancy • Enter information about the tenancy (contract type, dates, rent amount, security deposit). • You can save documents such as renters’ insurance. Create a furniture inventory Read more
Balance
Taxable income In general you’ll pay income tax on the revenue you get from renting out a property. The taxable amount is the sum left once you’ve added your rental income and deducted any allowable expenses or allowances. Your income is primarily the rent you receive but also any other payments from tenants for services normally provided by a landlord. If you charge any non-refundable deposits for your property, these will also count as rental income, as well as the money that’s kept over from a returnable deposit at the end of the tenancy. Allowable expenses a landlord can deduct Read more
Loans & Mortgages
In this section, you can create and manage loans (mortgage, home improvement loan, etc.) and their corresponding schedules. You have the option to perform the following operations: Create a loan (or import a schedule according to our model), Delete a loan. To create a loan, you can do it directly from the “Finances” section or import the data. You can filter records based on different criteria such as the landlord, the property, or the loan. Furthermore, you have the option to export your records using the “Export” action available at the bottom of the table.
Messages
In this section, you can send messages and communicate with your tenants using an internal messaging system. You can perform the following operations: Create a message, View a message, Delete a message. The recipient will automatically be informed by email as soon as they receive a message in Rentila. Please note that only tenants who are logged in and have access to Rentila will receive email notifications. Why not send emails to tenants who are not logged in? The decision not to send email notifications to tenants who are not logged in is made for several reasons, including concerns about Read more
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