Bank feeds have been around for a while as part of accounting software. But now you can use this technology to automate rent collection, simplify record keeping and track your expenses.
Bank feeds make it easier and faster for you to keep your rent statement up to date, you no longer have to find time to do account reconciliation yourself. We automatically import transactions from your bank directly into your myRent account, eliminating the need for manual data entry.
Why use it?
Use bank feeds to:
- Automatically track rent so that both you and your tenants are notified as soon as rent is collected and before arrears become an issue.
- Reduce time data entering and simplify record keeping as a lot of the work is done for you and the rest you can do on the fly even from your phone.
- Stay up-to-date. You’ll know when a tenant has paid you the moment it appears in your bank feed.
- Full visibility Every morning, when you log in you, can see all of the transactions.
- Keep your accountant happy. You have a lot less work to do comes tax time. Having all your transactions in one place, will help you or your accountant to prepare an end of the year accounts and submit tax returns.
How does it work?
Once your bank feed is connected, transactions will be sent into your myRent account regularly. How often your bank feeds are updated is dependent on your bank. It may be twice daily, daily or in other intervals.
Reconciling transactions is easy. We recognise rent transactions based on the reference used by your tenants and automatically reconcile them for you.
Recording other expenses is simple. Most of the information is already filled out for you from the data from the bank feed; you just need to categorise it. You can choose to ignore the transaction, edit the expense or delete it altogether. All reconciled transactions will appear in your Expenses Tracker.
You won't see myRent transactions in your list of items. All rent collected, advertising and management fees are added and reconciled by the software automatically. You can still find all of them in your Expenses Tracker section.
Our bank feed service is "read-only", which means that you cannot move funds between - or out of - any of your accounts using myRent.co.nz. keep track of rental payments
Is it safe?
We use Salt Edge Inc. as our financial API platform. They are an industry-leading financial technology company that use multiple encryption layers as well as tokenisation technology to protect your most valuable data. So you know it's safe and secure.
How much does it cost?
Banks feeds are included with your myRent management subscription for $10 per month. Pay as you go with no up-front costs and no contract.
When on trial you can access all myRent management features for free including bank feeds.
What banks do we cover?
We support many financial institutions in New Zealand, and we're always adding more.
ANZ Banking Group
ASB Bank Client
TSB and Westpac Business Online are coming soon.
If your account isn't eligible for a direct feed, write to us to let us know. In the meantime, you can still enter payments and transactions manually using Expense Tracker and we will notify you when we start supporting your bank.
Where do I sign-up?
Bank fees are available as part of myRent management subscription. Create a tenancy on myRent.co.nz and link your bank today.