Often, we'll get questions about missing accounting entries, or why the amounts for the payments received don't seem to match the amounts on the income accounting reports. Here's the culprit, in most cases:
No Account Codes Assigned to Rental Payments
When you first set up your 123Landlord account, there aren't any account codes added to the account, so the system doesn't assign any accounting entries to incoming payments.
This is what you'll see if you go to the Admin page / Accounting tab (no account codes):
You can add a standard set of account codes by clicking the blue button, or you can add your own custom ones.
So without these codes, you'll see this when you click Payments --> Payments Due (main toolbar) and then click the green "Pay" button:
"No Account Specified"
Alternatively, if you click Payments --> Collect a Payment and select a tenant/unit, you'll see this if you scroll down to the "Accounts" section:
Payment and Late Fee accounts assigned to "None".
This means that no accounting entries will be created for these payments.
How To Correct This
All you need to do is:
1. Add a standard set of account codes in Admin --> Accounting tab.
2. Collect the first payment manually (using the Payments --> Collect Payment method) and specify the account for the rental payment (i.e. "Rent Income") and the account for any late fee (i.e "Late Fees"):
Save the payment - and an accounting entry should be saved as well (income entry).
3. The system will remember your account choices and they will be applied to all future payments, whether you collect them using the Payments --> Collect Payment method, or the faster Payments Due --> Pay button (green), which should now show the following:
"Accounting entry to be filed under: Rent Income"
If you're collecting non-rental payments, or any payments that you want applied to a different accounting code, use the Payments --> Collect Payment method, scroll down and manually specify the accounts you want the payments to go to. Accounting entries will be created appropriately.