Tenant ledger by unit, status of rent payments

It would be great to have a way to add (then be able to list) what unit(s) has any outstanding payments due … (e.g. A tenant did not make a full rent payment, a way to list the balance due and a late charge as outstanding)

  • Thx
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In addition to quoting @devin, but not to push other REI products for residential property investors, there are other “products” out there that do everything that you mentioned, including free prodcuts. For most investors, including myself, the cash basis of accounting is the most effective and efficient way to monitor and track our investments, and Stessa does a great job at providing the tools necessary to complete that task. In addition, simply performing variance analysis on your reports from Stessa would indicate a potential collections problem.

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I would also like to have a more detailed view of rent rolls. Love Stessa so far, the ONLY reason I’ve found so far that it falls short for me is the ability to track rent, current, late etc. a snapshot of where we were for the month on collections would just be a home run for us. The ability to designate and apply late payments would be a bonus. Thanks

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I’d also like to request this feature. It’s not really about accounting, it’s more a reminder and tracking for status of collection. I want to track if specific tenants are habitually late, which payments were tied to any documents (pay or quit, etc.) delivered, etc.

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I am going to throw in a vote for this as well. Stessa has been phenomenal thus far and I have really enjoyed it. The only thing stopping me from using it solely is the rent / tenant management piece. The rent / tenant piece isn’t much extra compared to what the app does right now. I use another app to:

  1. Manage leases. Stessa alerts to when a lease is expiring, which is nice.
  2. Create invoices (automatically does this).
  3. Send receipts (for the tenants that actually want that).
  4. Manage who has paid and who has not. I basically have a notification on the app that says people have paid or not.

Stessa already handles most of everything else I need. Very happy with it so far.

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Would love this!! Sort of a snap shot of where each property is re; rent on time, or multiple times late.

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I also would love to have the ability to see who hasn’t paid by property. Or be able to run a rent/income report that tags by property, listing monthly income without having to run each individual property.

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I would love to have the ability to see rent status by month by property in a rollup that could even trigger email reminders after X days into the next month with no payments. That would be a nice reminder. Otherwise we need to create separate products to manually track this information which is redundant.

Love stessa so far!

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Agree with all, love the product just need a little more functionality.

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In response to this thread and other similar requests, we’ve begun releasing a series of features to help you track rental income in more detail. Specifically, we recently added the ability to assign income (and expenses) to a specific unit. You can also now run reports at the unit level. In addition, Stessa now shows your most recent income transaction for each unit in the far right column on your Leases & Tenants page.

More new features are in the works. We’ll continue to update this thread with each new release.

In the meantime, we recommend assigning existing rental income transactions at the unit-level whenever it makes sense. That way you’ll be ready to take advantage of the new features and reports as they’re released.

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FYI - Work is underway on a new tenant ledger feature that will track payment status, balances due, etc. by tenant / unit. This thread will be updated when we’re ready to enlist beta testers to provide early feedback sometime in November or December 2020.

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As work continues on many new features discussed in this thread, we’re happy to announce that a formal Rent Roll report is now available via the Reports page.

rent-roll-report-screenshot

See all your units, occupancy status, tenant names, and key dates across your entire portfolio on a single page. More columns, including payment status and balances by tenant will be added to this report in the near future.

In the meantime, make sure you are accurately assigning all income transactions to the proper unit/tenancy via your Transactions page. This will ensure that your tenant ledger report is populated and ready to go when we release the new feature in the weeks to come.

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We’re excited to announce that a full tenant ledger feature is now live for each tenancy. To find this powerful new feature navigate to your Leases & Tenants page. Then click on any tenant name. Scroll down on the next page and look for the section titled “Current Balance.”

To learn more about how the new tenant ledger helps you reconcile all tenant charges and payments seamlessly, visit the new help article: Tenant Ledger: Track Charges, Payments & Balances by Tenancy

Please feel free to post your comments and feedback on this thread. We’ll undoubtedly release new tweaks and upgrades to the tenant ledger in the months to come.

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Is there a way to adjust an expense that was automatically created by the feature. We rent short term to interns (3-6 months) and break down rent by the week vs. by day for prorating. I typically enter leases on a monthly basis and that works fine, I’m just looking to fix the small discrepancies without resorting to adding a small credit or charge.

I plus one this request of having an easy way to find which units have rent outstanding. I would love to use Stessa, but cant use it until this feature is available. It would be great to have it in the dashboard

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Yes, we’re working on color-coded status badges that will quickly reveal which tenants are past due on the top-level Leases & Tenants page. I expect this update will be ready sometime in March 2021.

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Past due Rent deserves a spot on the dashboard. :slight_smile:

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This was my wish list and I thank the Stessa team to add this feature. This tool help me to track with confidence the outstanding balance of my Tenant. I have to make few adjustments to reflect the true outstanding. What I mean by that? The tenant ledger showed from the beginning of the lease signed. So I have to manually change the lease from the time I took over the ownership of the property. Next, the increase rent is calculating the lease starting date. So I have to break the lease and used MTM or a new lease starting date. Earlier I have been told just change the rent amount as we go but that will not work with this new Lease & Tenants page, before making these adjustment all my tenants outstanding balance was off the book. It was little work but finally it turned out to be neat and clean. Hope this feed back will help the developers to fix the bug or tweaks the code for better outcome. All the best wishes for the team!! you guys are AWESOME!!!