Reconciling Tenant Rent Payments (Client Accounting)

This article details the process for uploading a bank statement and reconciling tenant rent payments (or any client account payments) within the Loop platform.

Step 1: Access the Banking Tab

1. Ensure you are in your Client Accounting Dashboard.

2. Navigate to the Banking tab located in the top right-hand corner of the dashboard.

Step 2: Upload Your Bank Statement

1. In the Banking tab, click on the Upload option.

2. You can either drag and drop your bank statement file or click to select and upload the file.

Step 3: Confirm Statement Mappings and Transactions

1. Once uploaded, the system will prompt you to ensure the mapping of the statement columns is correct.

2. Confirm the mappings when you are ready.

3. The system will now display all transactions contained within the statement.

4. Select the transactions you wish to process (e.g., all rent payments received).

5. Click Submit to process those transactions.

Step 4: Automatic Matching and Reconciliation

1. Upon submission, the system will attempt to match the incoming payments against the expected receipts based on references, payment amounts, and tenant data.

2. If the tenants have paid correctly, the majority of payments should match automatically.

3. Matched payments are ready for reconciliation.

4. If a payment is not automatically matched, it will be placed in the Unmatched section, giving you the option to manually select the correct corresponding internal transaction.

5. Once payments are matched (either automatically or manually), you can Submit them through to reconcile the payments.

Step 5: Generate Landlord Statement

Reconciling the rent payment triggers the next action, which is generating the Landlord Statement.

1. In the middle section of the screen, you will now see an option to Generate my landlord statement.

2. Click through to this option.

3. The system will automatically account for and deduct any applicable fees (e.g., management fees) or expenditures associated with the property.

4. Review the statement details.

5. Click Save to finalize and send out the landlord's statement.

Need Further Assistance?

If you have any questions, please reach out to the support team:

support@loop.software