Re-Leased new features - Bulk invoice processing and suspense tasks are here!
We’re excited to introduce our latest product release includes two key features that will make managing funds and invoicing a whole lot easier!
Bulk invoice processing.
Re-Leased allows its users to keep track of all creditor expenses in one place. However, if you have ever had to deal with a large number of invoices at once you’ll know that it could sometimes get quite daunting.
“How far through did I get before I had to take that call?”
“Who moved my stack of invoices?”
With Re-Leased’s new Process Bulk Invoices feature you can now upload all of your expense invoices in one go and work your way through entering them into the system at your own pace. When you find yourself with a stack of invoices just scan them in bulk (using your copier’s setting to generate separate PDFs) and upload them to Re-Leased in one go.
Once uploaded, the invoices can be viewed one at a time allowing you to enter the appropriate details on the left panel.
Once you have entered the information, the scanned copy is saved against the newly-created expense invoice. If you use the Trust Accounting or Client Accounting module, these scanned invoices will also be sent to the owner with their next statement.
If you’re responsible for managing funds in trust on behalf of owners, you’ll no doubt have plenty of experience of tenants paying money into your account without sufficiently identifying themselves. Sometimes you can make a best guess based on the amount and sometimes you can make a couple of phone calls to track the tenant down, but most of the time you’re just thinking about how you could be relaxing on a beach in Mexico if you just saved up all these anonymous payments. While we can’t help you get to Mexico, our new Suspense Task workflow will take the hassle out of these unidentified funds as they enter (and sometimes leave) the account that you work so hard to keep reconciled.
When you add an item to the suspense ledger a corresponding task is created, and it’s with these tasks that we’ll be able to resolve some pretty messy scenarios.
In the example below I received two payments that appeared on my bank statement, I didn’t recognise the amounts so I put them into the suspense ledger. A corresponding task was also automatically created for each item.
After following up on arrears later that morning I noticed that Alan hadn’t paid his $700 and he has never missed a payment. A quick call to Alan confirms that he made two transfers into the account and forgot to let me know. It’s not a problem though because all we need to do now is resolve the tasks and tell the system that those two amounts relate to a single invoice. We don’t need to reverse or cancel anything; the resolution of the task will do all that for us.
I select the tasks that I am ready to tidy up and click Resolve Tasks. I’m then presented with a list of invoices (either income or expense depending on the balance of the suspense tasks) and I just need to select which item(s) my selection matches against.
It’s as easy as that! The suspense tasks have been cleared, the invoice is paid and everyone is happy.
It’s a new financial year, let’s make this one less stressful for you and your bookkeeper! Download our latest ebook ‘Your business gudie to real estate accounting’ here.