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The old Income Groups and Expense Groups menu options have been replaced by a single new menu option called Chart Of Accounts.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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The new Android app now has the ability to take photos and add them as attachments using the phones camera.
You can also select existing photos from the Androids photo gallery and add them as attachments as well. Although if you have a lot of existing photos to add, the Windows 10 App would still be a quicker way to add multiple photos.
The new Android app is available in the app store.
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A new feature has been added which allows you to create a pre-defined list of inspection result comments. For example a comment might be ‘Needs cleaning’. As this is a comment you might use regularly, you can add it to a pre-defined list, and then just select it from a dropdown list when completing your inspections. This saves you the need to manually type the comment each time.
The new pre-defined list of comments is found under the Functions/Setup/Inspection Comments menu option.
This feature is available in the browser version, the Windows 10 app version, and the mobile web site. The new android app will also get this feature in future.
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A new Android version of RentHQ has just been released to the Android App Store. This is just in time for the holidays, as I know how much you like doing property management stuff during your holidays 🙂
This new version does about 80% of what the desktop software can do. So you can create, edit, and delete tenants, owners, properties, transactions, work orders etc.
The new version also does a few things the desktop software cant do, such as making a phone call to one of your contacts or sending SMS/TXT messages directly from the phone. RentHQ does not charge you for these SMS/TXT messages, although your phone service provider might.
Because of the restrictions of a mobile device which normally has a much small screen and less capacity, a number of functions wont be available in the App. There are also some functions which are not available at the moment, but may get added back in later if there enough call for it.
A notable omission in this first version is Inspections. This is an important function for the mobile version so time will be taken to make sure it is designed right. The existing mobile web site it still available for inspections and non-android devices.
You need Android version 5 or higher. Low spec devices will struggle, as RentHQ screens have a lot going on. This app has not been tested on all devices, so I would be keen to know how it works on yours. Just search for RentHQ in the Android app store.
A quick video overview of the new app can be found here
RentHQ can now integrate with Microsoft’s OneDrive.
This works the same as the existing Dropbox integration. All attachment files are sent to your OneDrive account automatically every time you add a new attachment. Also like Dropbox, you can set up an automatic database backup to your OneDrive account on a scheduled basis.
To set up OneDrive integration, go to the Functions => Setup => Options menu and choose the Dropbox/OneDrive tab and choose to allow RentHQ integration.
Note that you can only use Dropbox or OneDrive, but not both. You also cant switch Dropbox or OneDrive accounts after they have been created.
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A new function called Business Entities has been created.
A business entity is an organisation owned by the RentHQ account owners. For example if you are a property manager, then your property management business would be a business entity. For a landlord who has a company or a trust or properties in their own name, each of those would be a Business Entity in RentHQ.
The purpose of creating business entities is to allow separate reporting for each business entity. For people who only have 1 business entity, this new function has no effect on you.
With the creation of Business Entities, the previous <General> property which you find on the cashbook screen has been replaced with the business entity name. So if you have multiple business entities, you would have multiple <General> type properties.
You can create or rename entities using the Functions/Setup/Business Entities menu option.