A few updates to rent payoutsSusannah Vila
If you get rent payouts from more than one or two tenants you've probably noticed some glaring issues with the way we keep you informed about the status of these payments. Good news: we just fixed them.
Here's a quick summary of the improvement we made to rent payouts.
Easier to spot a specific rent payment in your bank statement
Payouts will now arrive per tenant and labeled with the tenant's name and month of rent that it's for. If you have three tenants who each pay $1,000 of rent, instead of getting one payout for $3,000 (the old way) you'll get three separated payouts of $1,000. The point of this is to allow you to figure out what's going on with a quick glance at your recent transactions.
Easier for you (or your CPA) to setup rules in online accounting software
The description in your bank statement will now have the tenant's name in it and the month of rent that it's for instead of just saying "Caretaker." The maximum number of characters we had to play with was 22, so we decided to use the format "first name initial + "last name" + "month abbreviation rent." If "Roger Graham" were paying rent in "January", the descriptor would be "R GRAHAM - JAN RENT", which is 19 characters. For longer last names, it truncates off the end of the entire description, so "RENT" will be the first part lost. Ideally this makes it much easier to correctly record rental income in whichever accounting software you use (let us know if it isn't).