So you have lots of spreadsheets, bank statements and receipts and want to bring it all together? Landlord Vision is the right place to do so and this simple guide will explain the process.
- Firstly, set up whatever portfolios you need. This will allow you to create separate sets of accounts for your different portfolios if needs be. Any landlords assigned to a portfolio will then be assigned to any properties created within it.
- Next, create your properties. These are your main assets after all. All of your incomes and expenses can be assigned to a property.
- Then create your tenancies. This will create the payment schedules for each of your tenants and allow you to track payments and arrears.
- Enter your mortgages. These have their own section so that you can monitor your loans, the repayments and the interest rate changes.
- Enter your expenses. Once you have all of your repeating expenses in it becomes much easier to track these and you can then add the one off payments. You can also upload receipts and make expenses from them
- Enter any other incomes and outgoings that you may have. These include wages, director's loans and personal drawings.
- Once you have all of your incomes and expenses entered into Landlord Vision, you can then reconcile everything against the bank statements.
When you are happy that everything is correct, begin to run reports. For your day to day business you might need: Property Occupancy, Key Tracking, a Statement of Account or Tenant Welcome Pack. For your final accounts you will most likely need: a Broker Summary, the Balance Sheet, Cash Flow, Profit and Loss and the Income Tax Report.
Please explore other parts of this user guide to find more information on some of the other tasks:
- Entering housing benefit payments
- How to handle Letting Agents in Landlord Vision
- How to enter payments to HMRC
- How to set up restricted access
- Using direct debits
- Recording an expense paid by the tenant
- Tracking maintenance issues
- E-signing documents
Please note if you have FHLs that these have different tax implications which are not covered by Landlord Vision. If you wish to track these in the software, please use a different portfolio so that they don't mess up your tax report and provide incorrect information
Customer support service by UserEcho