➕ Buildium: Revenue (money in)

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➕ Operating Revenue Overview

Learn about the different types of revenue generated from operating your home(s)

Rent and fee payment collection

Guest rent and fee payments are an Operator’s primary source of income, with potentially additional income from laundry and other sources. When rent and fees are due from a guest, it is posted to the guest's “lease ledger” in the Buildium system.

For example, when a guest moves in, they will owe a rent deposit and first week’s rent – both charges will appear on the resident’s lease ledger. When payments are collected from residents, they are posted against the resident’s account. Weekly rent charges will automatically reflect in the resident’s account (provided they are set up properly when the resident moves in). Likewise, online payments initiated by residents are automatically reflected on the resident’s lease ledger. Operators, House Mentor, and the resident can view the resident’s lease ledger to see charges and payments. Only the Operator’s Buildium account can edit or delete ledger transactions.

📁 Types of Revenue Items

Learn about each of the different types of revenue items

• Rent: Rent “charges” are posted to each resident’s account according to their payment schedule. Weekly rents will be posted on Friday, monthly rents on the 1st of each month in accordance with their Resident Agreement. These charges only show up on the Resident’s Lease Ledger, and not in reports or banking activity. They are simply the invoices for the rents due.
• Other charges: Other recurring charges may include high energy appliance surcharges, charges for catching up on past due balances, or other weekly, monthly, or even daily charges.

Move-in fees or other one-time charges can be added to the guest’s lease ledger from the lease ledger menu. Remember, adding a charge is not the same thing as recording a payment you've collected! If a resident pays a one-time charge, you must enter the one-time charge and the one-time payment separately to show that they were both charged and have been paid.

Record a bank deposit (after recording the payments recieved)

How to record rent deposits that you entered as received

After you have recorded items collected from residents for the payments you are about to deposit, record the deposit into the bank account:

1. Select Banking from the Accounting menu

2. Access the appropriate bank account; you should notice undeposited funds for that bank account which total the rents you just collected

3. Select Record Deposit from the menu, and check off all items being deposited, and the date of deposit

   1. Note: you should only have “undeposited funds” equal to the rents you physically have in your possession ready to deposit

   2. Additional items will need to be added manually

4. Record the deposit and verify that it posted correctly on the bank account ledger page

How to record all other deposit items

• For anything NOT a guest payment reflected on their ledger

For deposit items not recorded against a resident's payment account (such as a reimbursement check, owner contribution, or other item), simply go to the Record Deposit screen and check off "Record other deposit item" and indicate accordingly.

Other collected income is accounted for in Buildium by visiting the Banking tab, selecting the appropriate bank account, selecting “record deposit” and indicating the deposit by selecting “other deposit items” and adding the deposit item. Remember – if you record “other income” items in this manner, it will not reflect on any resident’s payment account. This is fine if, for example, you are recording a refund from an overpayment or recording an owner’s contribution to a business bank account. However, it is improper to record a resident’s rent payment this way because it would never post to their lease ledger and thus would show that the resident still owes a balance.

After recording and depositing all paid rent, we can look to see what rent is left unpaid.

1. Rentals menu, visit Unpaid Balances

2. Go through the list and verify that each Lease Ledger is true and correct

3. Communicate with the House Manager what is left outstanding

Electronic payments through ePay in Buildium

We invite you to explore Buildium's ePay features which are accessible at the related article linked below.

Reference: Guest ePay Policy, Management, and Settings

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