As a landlord or property manager, you’re going to have to deal with filing taxes at the end of each year. To help facilitate this, the Streamline platform includes both an income and expense tracker. In this article, we’ll focus on tracking income.
To find the income tracker, expand the Tools menu on the left navigation.
Income records can be created in a few ways. First off, you can manually create an income record simply by clicking the Create Income Record button and filling out the information in the dialog. Just like the expense tracker, income can be tied to a specific property and unit, or none at all.
If you select the Monthly Income checkbox, you will see start and end date dropdown lists appear. This will add an income record of the same value for each month between those two months. This would be used if you want to add 12 income records for a certain property/unit. Since you know the rent will be the same value for each record, this is just a shortcut, so that you don’t need to manually create 12 records.
Once the income records have been created, you can use the filter controls at the top of the page to search for specific records. Perhaps you want to see the income records for only one property or unit. The Export Data button will allow you to download a CSV file (commonly used with Excel) to send to your accountant or bookkeeper.
Income Record from Monthly Rent Payments
If you have registered for PAD and are collecting rent payments through our platform, those rent payments will automatically create an Income Record when they finish processing successfully. If the payment does not succeed (e.g. it is an NSF transaction), then an Income Record will not be added.