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Rent invoice for teams

foreign I'm Lori Ellison from Hudson Valley bookkeeping and in this video I will teach you how to create memorized rent invoices for the whole term of a lease all right let's get started okay everybody I'm going to teach you how to plan out your rent increases for the term of a lease so we're going to keep this really simple um we're gonna say you've got a three-year lease I know they usually go five and up but maybe this could be residential and this is for the purpose of invoicing the tenants whether it's you could use this for residential or commercial all right so we're saying the first year year one two thousand dollars and then year two a three percent increase year three another three percent so we've kind of got it planned out here now let's talk about best way to do this first off we should have before we start we need to create items for the invoice right the item that goes on your invoice it needs to be very specific because it's going to repeat the invoice and if the item doesn't isn't connected with an exact price we have an issue the other thing is the item needs to be specific regarding price and it also unit because I'm a big believer in build that chart of accounts the right way so that you can run a beautiful rental okay maybe most people don't like to say beautiful rent rolls but if you are like me and you love this you know what I mean so the unit I mean excuse me the item needs to be specific about the price unit and pretty much then the tenant well it's not the tenant let me take that back because it might change but let me show you what we're talking about so let's pick a tenant or let's say we get a new tenant so we'll first create the tenant and now I have certain ones here like building one unit this one was expiring 1231 okay unit 2 Jim Bell so we could create a new sub-tenant with someone who starts 1 123. so let let's do that so we're going to say new customer and it'll be a sub customer of B1 unit two I'm just going to put this here and this is the demo file I often use for these videos is a sub customer okay and I like to put their expiration um in their name so you were you always are seeing when people are expiring right so we're going to say end of 23 24 25 so this one would be 12 31 25 Jane Bond Okay click save I'm trying to see this way okay building one so I should have done this a little different let's see edit foreign it is good to make sure everything looks consistent Lori okay I needed to take what I did down there and copy it up into customer display name now okay the other thing is when someone is no longer let's say this is paid you could make this one inactive okay so now we have two people the same unit but you can see that they end in different times okay let's make our items with these amounts so we're going to go up here to the gear icon product and service now I already have this item created let me back up I've talked about it before but in your income to make a beautiful rent roll you need to have all of your rental income codes per unit so see how what I did here building one unit two and so forth building two so we said we're in building one unit two so here we go and I'm calling it this so I'll know that to look for that that's my chart of account okay so you link the item with the price to the correct category in your turn of accounts okay so let's see how we do that so this is the chart now we're gonna go up to products and services and now these were generic right these are generic ones and they had a generic sales price so we're going to click new service and then this was what did we name her someone Bond bondsman okay building one unit to 2023 rent and this you would want to put this as the um like whatever the term is rent for 2023. so I said 2023 rent is 2 000. so I'm going to put that in this now again I said our chart of account is unit two building one unit two building one here it is okay so now I've created my first one and you can even see uh Year One and then it could be 1 1 23 212. 31-23 okay save and close do all your items all at once now we need to make again we're in the chart we got to go back to the gear we're going to do our second one okay service building one unit to 2024 rent I mean you do it however you want okay but again it's B1 unit 2. look here I have my security deposits you got to be careful about that okay so now I've done my second item I have one more good a key here too never hit inventory oh I'm in here okay new don't do non-inventory bundle just stick with service ignore this category 25 and again this is where it's B1 this is right I get myself confused unit two there you go and see it says rental income okay so now we have our three things right you need to 23 24 let me just edit that so you can see your three 2025. okay so you kind of want to do things in order make sure you have chart of accounts for that unit or so forth unless you're just one single tenant okay so now we've created our items the next thing we need to do so you're going to memorize the transaction and automate it now they've just changed this so I was doing this the other day and everything was different so let's go see if I can show you the correct way okay so here's our new person Jane Bond we're going to create an invoice now you might not see this because I just had I was on with someone in their QuickBooks and they did not have make recurring at the bottom they had it a different way and I'm in actually oh one thing to specify though is that I'm probably an accountant view I am so if you click the gear there's trying to merge those because I can't even use business view so just disclaimer I do everything in account for you but actually I was in that client's file and I made sure we were in accounting View and then I still couldn't do it I had to view the new way so they change this stuff sometimes way too many times okay so create the invoice now here's the thing I'm actually in August so I would need to be ahead of the game in back in December for the to Future out the others but we'll pretend like all those have been made so far and that we're gonna do September October November December so four months so we're gonna say nine one we've got Jane Bond right and here we go building one unit two 2023 rent and look what it did it auto filled the two thousand dollars per our scenario all right so now this is great so normally what you should also do is enter their email okay and you can also put other people on it and you could also blind clap it yourself so that you could make sure they went out I would recommend that okay all right so now right down here it says make recurring so we're going to say automatically send the emails now you could send it like one day in advance two days which is fine so let's say three days and our start date is September 1st we're going to pretend that we've already invoiced for all the other months and now we're going to say after three occurrences we have September October no 4 December September October November December four occurrences it's gonna go out and it's gonna stop okay so I say safe so now this will go out December 1st I mean September 1st okay let's go back to Jane I liked it the way I just had it hold on okay so here we are and then we say create invoice again but this time we're gonna do it for one one two oh two four oh the other thing is you gotta oh I might have screwed that up we want to say do on receipt so just make sure you check that and then building what now we're doing 2024. uh oh look my item is wrong I must try to put the so this is like where you're gonna find out if you've screwed something up 2024 I didn't put my price in so with 2024 I said 2016. okay it's good for me to mess up because then you can see what you could do okay so now go back to chain we're going to create the invoices for 2024 so new invoice we're going to do one receipt 1 1 24. building one okay so now it auto filled the rate that's really important so we fixed that and we're going to go down to the bottom click make recurring automatically send let's say three days in advance start date 0101 2024 and we need 12. because we're doing one whole year okay and we have our terms do on receipt okay so we're gonna say save template oh I have to change the template name so I would put up here 202 forms okay save perfect so I haven't made any of these invoices yet because we have them set for the future so invoice again now we're gonna do 2025. okay again do on receipt look here it has a created recurring invoice right there as well or when I do it from the bottom okay now we're going to do the 2025 oh my Lord okay we're going to do 20 25. so we need to say do on receipt this one's 1 125. it has the term of that and has the rate I'm going to go down here and click make recurring can we say three days automatically send again here you could blind copy yourself or openly copy yourself the start date is 1-1 25 and it will end after 12 occurrences okay save oh I've got to change this one too okay and these will go out three days in advance I like to get copied on anything being sent out okay so now go over to the gear icon right under lists it says recurring transactions and this is where you could check what's about to happen next so then you could go by name we had B1 so look here we have this one's next date is nine one twenty twenty three and then here we have this one starting one one twenty four and here's your one one twenty five and if you're worried about them you would just click edit here and you could see okay yeah it says it's going to so in my demo file it's funny I get these emails because I think I send them to myself I get these yeah because I get the emails at hello I get these and I'm like oh thanks building um so anyway they really do work because I'm getting emails from my QuickBooks file just to like keep it going um for these types of demos so if you do this it will be helpful because you won't have to remember at the end of a month to get ready and send the invoices out second of all then it's just automatic if you set up your QuickBooks payments through here even better people will pay you you know ahead of time and then again I would just say the other thing you know inside the customer is that I really do like to put their lease end date right here so that it's not a surprise when the lease expires and there's many landlords that forget about lease expirations all right I hope you found this helpful I'm from Hudson Valley bookkeeping and we specialize in commercial real estate bookkeeping as well as QuickBooks lessons for Real Estate Investors all right have a great night