A new report called the Business Performance report has been created, and can be found under Analysis Reports on the reports screen.
The first part of the report shows the current position of the business, including number of properties, number of vacant properties, number of arrears tenants etc.
The second part of the report shows an analysis of the business on a monthly basis for the last 13 months. This includes the fees collected, average fee collected per owner, number of tenants, total rent charged, and average rent amounts charged per tenant etc. The average rent amount will either be shown as a monthly amount for people who have predominantly monthly rents or weekly for everyone else. Average rents is also shown based on the number of bedrooms in the property, so you can see if your averages are going up or down over time for different property sizes.
The latest version of the Windows 10 app version of RentHQ now provides the ability to sort the contents of the grids by clicking on the column headings. This is a popular feature which is already available in the browser version and the Android App version.
RentHQ now has the ability to send any report via email as an attachment to any email recipient.
After a report PDF file has been generated, you can choose the new email icon next to that report to email it. You can select from a list of existing email addresses for managers, owners, tenants and contractors, or you can manually type an email address in.
For owners, tenants and contractors, email addresses will only be provided for the primary contacts who have an email address entered.
You also get to enter the email subject and an optional email message body.
For some reports which are likely to go to specific people, such as property inspection results, the list of available email addresses will be pre-filtered to just those people. In the case of an inspection, the recipient is most likely going to be the tenant who has just been inspected, and the owner of that property. The same applies to extra charge invoices, and work orders printed with the contractor in mind.
A quick training video has been added here
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The Owner Profit and Loss report has been modified so that it can now be emailed and created as an attachment against the owner, just like the Owner Transaction Summary report.
This report is often generated at the end of the financial year and sent to each of your owners. With this new change, this process will be a lot faster. You no longer need to generate the report for one owner at a time.
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The default is a simple accounting mode which allows you to have income and expense accounts.
The new mode is Full Accounting mode. This allows you to have 5 types of accounts – income, expense, asset, liability and equity. This full accounting mode is more powerful, and provides a more complete accounting picture of your business, and is the type of functionality provided by full accounting software packages. However it is also more complex to set up. This functionality is intended for accountants or people who understand accounting principles or people who have the assistance of an accountant who can help set up your accounts correctly. If you choose to switch account modes, it is advisable to do this at the start of the financial year.
The old Income Groups and Expense Groups menu options have been replaced by a single new menu option called Chart Of Accounts. This is where you set up your accounts, and also get to choose the accounting mode you will use. If you choose to switch to the full accounting mode, you can not switch back again.
If you need assistance from an accountant to set up your accounts, contact us, and we may be able to assist you.
On the reports screen, the list of owners, properties and tenants has changed slightly.
The closed items will now appear at the bottom of the list (in alphabetical order), while the currently active items will appear at the top of the list. The active items are probably the ones you want to select anyway, so this makes it easier to find the item you are looking for.
This applies to the browser version, the Windows 10 app and the Android app.
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On the tenant details screen, a new Lease Expiry Date field has been added.
Previously people would use the End Date to represent both the end of the current lease term, and the end of the tenancy. We now have 2 dates to represent those 2 milestones.
The End Date has been renamed Tenancy End Date, and is used solely to represent the date the tenant intends to move out of the property. If the tenancy end date is not yet known, it can be left blank.
The new Lease Expiry Date is the date that has been negotiated between the landlord and the tenant as the end of their current fixed term tenancy. If the tenancy is not for a fixed term, the lease expiry date can be left blank.
When a fixed term tenancy is coming to an end the landlord and tenant will discuss an extension. If an extension is agreed upon, then the Lease Expiry Date should be adjusted to represent the newly extended expiry date. If the tenant chooses not to extend, then the Tenancy End Date should be set to represent the date the tenant has agreed to vacate the property.
The Lease Expiry Date has also been added as a printable field in Mail Merge.
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The recently released new Android app now has the ability to do inspections as well. Not only that, but a few new features have been added to inspections in general.
When you use a camera in RentHQ to take an inspection photo, RentHQ will automatically put a time stamp on the photo in the lower left corner. Also when entering inspection results against a specific room, a new option ‘Take photo of this room’ is now present. If you use this link to take a photo, RentHQ will also stamp the photo with the name of the room as well as the time stamp. This applies to the Silverlight browser version of RentHQ, the Windows 10 app version of RentHQ, the mobile web page version as well as the new Android app.
The inspections in the Android app looks very similar to the existing RentHQ software. It also takes advantage of the recently added Inspection Comments. Photo uploading should in most cases be a lot faster than the old mobile web page used for inspections.
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