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Simplifying Property Management Bookkeeping with Entrata: A Comprehensive Guide

June 5, 2024

Managing finances can be a daunting task, especially when you’re juggling various properties, tenants, and transactions. I’ve found that having a reliable and efficient bookkeeping system is essential. That’s where Entrata comes in. This comprehensive property management software has robust bookkeeping features that have made my life so much easier. In this blog, I’ll share how Entrata can streamline your bookkeeping tasks, enhance accuracy, and save you valuable time.

What is Entrata Property Management Software?

Entrata is a cloud-based property management software designed with property managers and owners in mind. It offers a wide range of features, including leasing, resident management, maintenance tracking, and financial management. But what really stands out to me is its powerful bookkeeping module, which helps manage accounts payable, accounts receivable, general ledger, and financial reporting.

Key Features of Entrata Bookkeeping

Accounts Payable

Managing vendor invoices and payments is a critical aspect of bookkeeping for property management. Entrata makes this process so much simpler. Here’s how:

  • Record Vendor Invoices: You can easily input and track invoices from various vendors.
  • Schedule Payments: Setting up payment schedules ensures timely payments and helps avoid late fees.
  • Automate Recurring Payments: Automating payments for recurring expenses like utilities and maintenance services saves a ton of time.
  • Track Payment Status: It’s easy to monitor the status of payments, including pending, completed, and overdue transactions.

Accounts Receivable

Keeping track of rent payments and other receivables used to be a headache, but Entrata’s Accounts Receivable feature has been a game changer:

  • Invoice Tenants: You can generate and send invoices to tenants for rent and other charges with just a few clicks.
  • Accept Online Payments: Tenants can pay rent and other fees online through Entrata’s secure payment portal.
  • Track Payment History: Maintaining a comprehensive record of all tenant payments and outstanding balances is straightforward.
  • Automate Late Fees: You can automatically apply late fees to overdue accounts based on your specified criteria, which takes one more task off your plate.

General Ledger

Entrata’s General Ledger feature acts as the central hub for all financial transactions. Here’s what you can do:

  • Record Transactions: Input all financial transactions, including income, expenses, and transfers.
  • Categorize Transactions: Organize transactions into categories for better financial tracking and reporting.
  • Reconcile Accounts: Reconcile bank statements and other financial accounts to ensure everything is accurate.
  • Generate Journal Entries: Create and manage journal entries to adjust and correct financial records as needed.

Financial Reporting

Accurate and timely financial reporting is crucial for making informed business decisions. Here’s how Entrata helps:

  • Customizable Reports: Generate a variety of financial reports, including income statements, balance sheets, and cash flow statements.
  • Real-Time Data: Access real-time financial data to stay updated on your property’s financial health.
  • Export Options: Export reports to various formats, like PDF and Excel, for easy sharing and analysis.
  • Automated Report Scheduling: Set up automated report generation and distribution to keep stakeholders informed without any extra effort.

Benefits of Using Entrata for Bookkeeping

Increased Accuracy

Manual bookkeeping is prone to errors, which can lead to financial discrepancies and compliance issues. Entrata’s automated features significantly reduce the risk of errors by streamlining data entry and calculations.

Time Savings

Entrata’s automation capabilities save you a ton of time by eliminating repetitive tasks such as invoice generation, payment processing, and report creation. This allows you to focus on more strategic aspects of property management.

Enhanced Transparency

With Entrata, you can maintain transparent financial records that are easily accessible to stakeholders. This transparency fosters trust and ensures that everyone is on the same page regarding the property’s financial status.

Better Financial Control

Entrata provides comprehensive financial tracking and reporting tools that help you monitor cash flow, control expenses, and make informed financial decisions. This level of control is crucial for maintaining the financial health of your properties.

Scalability

Whether you manage a single property or a large portfolio, Entrata can scale to meet your needs. Its robust bookkeeping features are designed to handle the complexities of managing multiple properties and tenants.

Getting Started with Entrata Bookkeeping

Set Up Your Account

The first step is to set up your Entrata account. This involves inputting basic information about your properties, vendors, and tenants.

Customize Settings

Customize Entrata’s bookkeeping settings to match your specific requirements. This includes setting up payment schedules, categorizing expenses, and configuring reporting preferences.

Train Your Team

Make sure your team is trained on how to use Entrata’s bookkeeping features. Entrata offers training resources and customer support to help you get started.

Regularly Update Financial Records

Keep your financial records up to date by regularly inputting transactions and reconciling accounts. This will ensure that your financial data is accurate and current.

Leverage Reporting Tools

Use Entrata’s reporting tools to generate and analyze financial reports. This will provide you with valuable insights into your property’s financial performance and help you make data-driven decisions.

Conclusion

Entrata has revolutionized the way I manage property finances. Its comprehensive bookkeeping features, coupled with its ease of use and automation capabilities, make it an invaluable asset for property managers and owners. By leveraging Entrata, you can enhance accuracy, save time, and gain better control over your property’s financial health. Start using Entrata for your bookkeeping needs today and experience the difference it can make.

Maxim Liberty is a leading bookkeeping company with over 10 years of experience helping small businesses manage their finances. Passionate about making bookkeeping simple and stress-free, we share practical tips and insights.