Introduction
In LoftyWorks, Invoices are any incoming payments that you expect to receive. No matter how you receive money, you can use LoftyWorks' Invoices to stay organized.
You can use recurring invoices as monthly reminders to help keep track of payments you have received on PayPal, Venmo, Zelle, or any other method. You can also integrate with our preferred Payments solutions to collect rent right within LoftyWorks.
In this Help Center article, we will cover how to set up one-off and recurring invoices.
Summary
Recurring Invoices
Recurring invoices are auto-generated by LoftyWorks on a schedule of your choosing. If you collect payment outside of LoftyWorks, you can simply use these invoices to help you keep track of what you have received for the month and what is overdue. You can also use LoftyWorks to collect rent directly in the Tenant Portal.
Set up Recurring Invoices when Adding a Contract
When you are adding a Contract in LoftyWorks, there is an option to set up a recurring invoice on the Financial Information tab.
Setting up the Recurring Invoice will simply generate a reminder every month on the day of your choosing. You can use these reminders to know which rents have been received and which need to be followed up on.
Here is what you need to know when you are setting up a Recurring Invoice with your Contract:
The Start Date of the Recurring Invoice should be the next day you would like rent to be collected.
- For example, if you are adding the contract on March 4th, and the first rent collection will happen on April 1st, set 4/01/2024 as your Start Date.
The Number on Days until Due is used to set the "grace period" allowed before rent is considered Late or Overdue.
The Account is which account the Rent should be received in. This is important for reconciliation.
Under Line Items, you can add the items that are included on the Rent. For example, if you charge a Technology Fee or a Convenience Fee, you can add it as a line item. The tenant will see what is added in the Description.
Set up Recurring Invoices On Existing Contract
You can always set up a recurring invoice after you add the Property or Contract. This is especially helpful if you have recently imported your Contracts or if you simply weren't ready to add the recurring invoice at the time.
To add a Recurring Invoice after the Contract has been added, go to Property > Contract and click on the Contract you would like to set up. You will find a purple Invoice button towards the top of the screen.
This will open the Create Invoice window. Make sure you switch to the Recurring Invoice radio button.
One-Off Invoices
You can also use LoftyWorks to keep track of your one-off invoices. This will make sure you can accurately charge nonrecurring items to your tenant, such as Landscaping fees.
Via Quick Add
The quick add button, located to the right of the search bar, is visible no matter where you are in LoftyWorks. You can use this to quickly add an invoice.
Via Accounting
If you are starting in Accounting click + New Invoice. You will be able to select whether you want to generate a one-time or recurring invoice.
Once you have started your invoice, you must associate it with a Tenant. The first screen that appears will ask you to select a tenant and show you their account status and balance.
Once you have selected the proper tenant, you will be taken to the invoice customization window.
- Invoice Selection: whether this is a one-off or recurring invoice
- Invoice Date: The date the invoice is delivered
- Due Date: The date payment is due
- Account: The account the funds should populate to
- Description: What the tenant sees for payment reason
- Amount: Amount owed from the tenant
You can also choose to add a note or attach any necessary files to the invoice. When you are finished, hit Save.
Receive Payment
Automatically via Stripe
If you have integrated with Stripe, your Tenants can seamlessly pay via ACH or credit card in their Tenant Portal. No further action is needed to receive a payment with this option.
Manually Record
If you are not taking advantage of automatic payments with Stripe, or if you receive payments outside of that account, you still have the option to manually log your income events. To manually record a payment, go to Accounting > Invoices > find the invoice you would like to pay off > Receive Payment.
This will bring up the Receive Payment window. Here, you will see both outstanding transactions and received payments.
For more information on Contracts in LoftyWorks, see Contracts.
For more information on managing finances in LoftyWorks, see Financials.
Questions?
Thank you for taking time to invest in your LoftyWorks learning. We hope you enjoy our best-in-class Property Management software. If you have any questions, comments, concerns, quips, queries, or quandaries, please email support@loftyworks.com.
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