You may already know that in the property management industry, one important aspect of managing rental properties is creating a structured move-out process. In this article, we'll discuss how to properly record a move-out in Rentvine to ensure accurate accounting as well as happy owners and tenants.
Recording a move-out process in Rentvine involves the following steps:
1. Set up a move-out task in Rentvine, specifying details such as the notice and move-out date, move out reason and forwarding address
2. Create a move-out inspection report, documenting the condition of the rental unit at the time of move-out
3. Document any damages or cleaning needed in Rentvine's maintenance tool
4. Update the tenant's account to mark them as "Moved Out" and handle any outstanding balances or security deposit refunds using Rentvine's accounting tools
By following these steps, landlords and property managers can effectively manage move-out processes in Rentvine and ensure that everything is properly documented and handled.
Are you feeling stuck in the move out flow? Here are some tips so you make sure your move out process goes smoothly.
How are your bank accounts set up?
Your move out workflow will be determined by your bank account setup. Why? It's important to identify first how many bank accounts you have, whether they are operating or escrow accounts, which account you can write checks from, and whether you have the ability to make online transfers between your bank accounts.
Here's a list of common bank account setups and the related move out transactions. We recommend that you find the one that's familiar to your workflow and commit the process to memory. Don't hesitate to reach out to APM Help in case you have questions about your bank account set up or the related steps.
Make sure you reviewed and updated the lease charges and/or credits before starting the move out process. Once you begin the move out process, Rentvine will pull any charge posted previously to the move out as “Outstanding charges/credits”.
Any charge/credit posted after starting the move out, will be classified as “Move Out charge/credit”.
This classification is important because it is recommended to classify these move out charges under one or different Income “move out charge” GL account(s). Since the owner is collecting funds from the tenant (even though the payment method is through a security deposit), this GL account should be set up as Taxable. Make sure you are not omitting to report this income to the IRS.
Closing a Move Out
Once you've transferred the cash (if applicable), applied tenant credits to the tenant refund, paid out the tenant, paid the management company, and paid the vendors, the move out accounting is complete!
How can you make sure the move out process you just closed is correct? Simply navigate back to the Details tab under the lease you just closed and make sure that all balances are at zero. If they're not, it is likely that something went wrong. If you’re not sure where you went wrong, reach out to APM Help and we can take a closer look.
Now you’re ready to conquer all of your move outs with ease! If you run into any issues or have additional questions about your Rentvine database, you can always reach out to APM Help and our team of experts!
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