You can track expenses in Landlord Studio against an organization, building, or unit. An example of an expense for an organization could be the Landlord Studio software or accountancy fees which are spread across the portfolio as a whole and don’t belong to a single unit.
A building expense could be something like repainting communal areas, and finally, a unit-level expense is expenses that can be attributed to an exact property such as cleaning fees.
To add an expense you first need to select the level that you want to log the expense at.
Adding a property-specific expense
Step 1. Open your property dashboard.
To get to the property dashboard tap on the hamburger menu bar on the top left of the screen. Scroll down and select the unit or property you want to add the expense to.
Step 2. Tap on the Expenses Tab and tap on "Add New Expense" or the + icon.
Step 3. Fill in the amount and details of the expense. We automatically calculate the tax for you. You can edit your tax amount in the app settings.
Step 4: Choose whether this is a recurring expense or not. Monthly mortgage payments are a common example of a recurring expense. Select the repeat interval period and the system will automatically log these expenses for you so you don’t have to manually enter them.
Step 5: You can mark the expense as paid or unpaid, and you can also choose whether this expense is payable by the tenant.
For expenses that are not marked as paid, they will show up on your dashboard as an upcoming expense.
For expenses marked as payable by the tenant, you will get an option to email an invoice to the tenant on the property dashboard screen.
Step 6: You can add images of your receipts by tapping on the document icon that’s at the top right of the page. Select from one of the options to attach the receipt.
Add Organization Expenses
Organization expenses are expenses that aren’t associated with anyone's property but are more generally associated with running the property portfolio. For example, office supplies or salaries for any employees.
Step 1.Open up your Organization ‘Expenses’ which you can find in the left-hand menu bar.
Step 2. And add your expense details as above.
Tracking Expenses on Desktop
You can track expenses against a property, organization, or Unit.
Step 1. Navigate to the property or organization that you want to log the expense against.
Step 2. Scroll down the page till you see the expenses section.
Step 3. Click "Add New Expense".
Step 4. Enter the expense details.
You can remove the tax amount or adjust your tax amount in the settings.
You can create recurring expenses by setting Repeat Frequency to Yes. this will then ask you how frequently the payment will be made. This feature is used for routine expenses such as Mortgage repayments which go out every month.
Step 5. Hit Save.
You can add additional categories to our default categories in the settings.
To edit or delete a recurring expense tap on the top expense with the arrows icon next to it.
Remove or Delete Expenses
You can easily remove or delete and expenses from the system. You may need to do this if you enter it into the wrong place, or perhaps enter the details incorrectly.
To delete an expense.
Step 1. Navigate to the relevant property or unit via the left-hand menu bar.
Step 2. Scroll down the property dashboard to the section labeled expenses. All your previously entered expenses will be entered here.
Step 3. Select the expense you wish to remove from the system.
Step 4. Scroll to the bottom of the expense and click “Delete”.
Please note that this action is irreversible.
Useful Features to Note
You can add or remove Tax in the settings. You can also edit the tax percentage in your settings.
You can set your expenses to recur removing the manual process.
You can mark expenses payable by tenant which will allow you to email invoices and receipts to them.
You can add additional notes to expenses underneath the description.
You can view and manage all your expenses in one place by selecting ‘Expenses’ from the menu bar.
Tags: Report expenses, add an expense, tracking expenses, how do i enter my expenses?, how do i enter an expense?