Getting paid is high on the priority list of any business and for landlords it is no different.
In our many years of experience our advice is be consistent and make it easy for your tenants to pay.
By providing clear rent invoices, details of how to pay and keeping track of payments with prompt chasers, you'll increase the chances of having a stress free portfolio and more reliable cashflow.
One of our accountants will need to add your property to Provestor and you need to have setup a tenant
There are two ways to raise an invoice in Provestor. The first is to create a one off invoice and the second is to set up an automatic repeating invoice.
In most cases you'll use the repeating invoices.
This method automatically generating an invoice every week or month.
It won't automatically email your tenant incase you need to check / amend the invoice. You simply view the invoice and when happy, click the email option.
To create a repeating invoice:
Navigate to your invoicing screen by selecting Rent then Invoices in the menu.
Click the New repeating invoice button
Select the tenant from the list
A new repeating invoice will be displayed pre-populated with details you entered for the tenant (If you need to change anything, edit the tenancy)
Set the invoice frequency, either weekly or monthly
Set the day or date when the invoice will be created
Click the Add line button and select the category of the item you are charging for e.g. rent or a service charge
Enter a description and price in the new line that appears on the invoice
Click the save button (click off the line item if the save button is still grey)
You may prefer to create invoices manually or need a one off invoice for property repairs for example.
The process is the same as above except you click the New Invoice button instead of repeating invoice.
Clicking an invoice gives you options to View PDF or Email PDF.
If you email from Provestor, a pop up message is displayed allowing you to add a message before sending.
When you receive payment of an invoice and it shows on your portfolio bank account, you can then mark it as paid. This is done as part of your Bookkeeping.
We recommend not taking cash payments of rent and instead ask tenants to deposit it into your portfolio bank account. This ensures you can keep accurate financial records and helps reduce the risk of additional tax. Mortgage lenders have started to increasingly scrutinise where rent payments come from and prefer to see electronic payments instead of cash. If for any reason you accept the cash, we recommend you deposit the full amount in your portfolio bank account promptly.