To create a new rule, please see the below steps. To edit or delete an existing reconciliation rule, please follow the below steps here.
Step 1: Go to Bank feeds
Step 2: Go to Reconciliation rules
Step 3: Click on + Add another rule
This will open the below window:
Payment description:
This is where you can add keywords such as your tenants payment references, their first and/or last names or any other unique identifiers they add to their payee description.
Reconcile if the payment description matches:
You can then choose to have these payments reconcile whether this fully matches or partially matches the keywords above.
Action:
Generally you will choose Categorise, but if you were wanting to ignore all payments with specific keywords or from a specific tenant/tenancy, you would choose Ignore.
Categorise as:
a. General: this can be left as is if you are reconciling a cost such as advertising costs, rates, mortgage or body-corporate levies. If you are making a rule for a rent payment, select your chosen tenancy from the list instead.
b. Category: after selecting a tenancy from the dropdown above, this field should display the tenants associated with that specific tenancy. If you're seeing tenants from a different tenancy at the same address, please return to the General dropdown and choose a different tenancy until the correct tenants appear. If you've selected the right tenancy but no tenants are visible in the Category dropdown, please verify that the tenants have been invited to the tenancy, as rent payments cannot be processed until tenants have been onboarded.
Step 4: Once you are happy with the rule, select Save
To edit or delete an existing reconciliation rule, please follow the below steps.
Step 1: Go to Bank feeds
Step 2: Go to Reconciliation rules
Step 3: Select the rule you would like to edit, make the required changes and select Save
You can also delete a rule by clicking on the bin icon.
Whether you are using hands-free rent collection or bank feeds to import the rent payments into MyRent, the best way to ensure payments are automatically reconciled is for your tenants to make payment using their unique myRent reference.
Rent, bill and bond payments should be made separately using the unique reference for each.
The unique payment instructions and references for your tenants can be found under Payment instructions on the rents page of your tenancy once that section of the tenancy is set up.
There is the option on the page to send the payment instructions to your tenant/tenants with a customised message that you can use to ask them to use the references moving forward.
It’s important to note that any bond payments that are imported through bank feeds due to self collecting bond should be ignored as they don't get reconciled due to not being income or an expense. They can then be manually recorded as bond on the bond page of the tenancy.
