Receiving rental income weekly or fortnightly but only getting a monthly rental statement? No worries! In TaxTank, you can easily reconcile these payments:
Add the monthly rental statement under the Income tab for your property.
Use the ‘Find & Match’ feature in your bank feeds to link the individual weekly or fortnightly payments to the statement.
This ensures all transactions are accurately recorded and reconciled in just a few clicks! 🚀
Step-by-Step Guide
Go to Property Tank and select the relevant property.
Navigate to the Income tab.
Click ‘Add Income’ and enter the details from your monthly rental statement (including total rent received, fees, and any deductions).
TIP: The 'Amount' should equal the sum of the bank transactions received.Attach your rental statement and select 'Save'.
Open your bank feeds and locate the weekly or fortnightly rent payments.
Use the ‘Find & Match’ feature to reconcile these payments against the total income recorded from your statement.