How to Manage Landlords like a Pro with Kodisher – Part 2 (Landlord Accounts)

If you are new here you might want to start off with part 1 of this series on managing landlords.
For the property managers who collect rent on behalf of landlords, Kodisher helps you manage the payment process from collection to disbursement.  This Tutorial post is to help you understand how you can do this smoothly and with various controls that enhance accuracy and traceability within your property management business.
When you let out houses, and get paid rent by the tenants, you need to calculate how much of that you should hand over to the owner of the property. using your payment records, Kodisher helps you calculate how much you need to pay the landlord. this is called a journal. It also manages the the actual payments through vouchers. The journals and vouchers together make up the landlord statement with balancing Credits and Debits and a running balance. This keeps your landlord accounts in order.
In the screenshot below of the landlord statement, you can be able to know at any time the account status of your landlords. This will make it easy to your debits and credits with them and is always linked to current payments on the Kodisher platform.
The summarized landlord statement

To pay landlords, there are three simple steps:

  1. Create a journal (This is where we calculate what is due to the landlord for money collected from their properties)
  2. Create a payment voucher (This is a request to pay a specific amount to a landlord with reference to their account)
  3. Make the actual payment. (It completes step 2 above.)

Step 1. Create a journal. (this updates the landlord account with how much they are supposed to receive)

In this step we want the system to calculate how much is due to the landlord. Kodisher can do this per property or per landlord.

To generate a Journal per landlord

  1. First go to “Landlord Accounts” > “Payment Journals”
  2. On this page you can see your list of landlords and then how much has been collected on their properties.
    • “Amount collected” – this is all the money collected
    • “Expenses” – money paid out for repairs etc
    • “Commission” % commission that should be deducted from the rent portion of the amount collected
    • “Balance” = “Amount collected” minus (expenses + commission). It is the money due to the landlord.
  3. When there is money due to the landlord, the “Add journal entry” column has a link “Make Journal Entry”. Click on it:
  4. At the top of it you will see the properties where the cash ahas been collected and the: rent collection, rate used and the commission
  5. Below that you can see a table that generates a journal entry. this entry enters the money payable to a landlord.

To generate a Journal for each property

It is also possible to generate a journal for each property separately

  1. First go to “Manage” > “Properties”
  2. Open the property for which you want to generate a journal
  3. Click “Make Property Journal Entry” on the top right
  4. On this page you can see your list of landlords and then how much has been collected on their properties.
    • “Amount collected” – this is all the money collected
    • “Expenses” – money paid out for repairs etc
    • “Commission” % commission that should be deducted from the rent portion of the amount collected
    • “Balance” = “Amount collected” minus (expenses + commission). It is the money due to the landlord.
  5. You can also pick the ‘Billing Month’ which also shows on the report.
  6. Click “Add entry” to save the Journal and send it for approval

Whether you create a journal per landlord or per property, it needs to be approved by yourself of someone in your team with the right permissions. Created journals pending approval appear here: https://manage.kodisher.com/account/pending_approvals/journals

Payments to a property are attached to a Journal – Journals show up on that same page after they are created and approved. You can also see the details of this via the landlord account page. When you go to the landlord statement after this step, you can see how much is due to them. Go to “Landlord Accounts” > “Payment journals” and choose the landlord whose account you want to see. Once you journalise entries at the property or landlord page, they cannot be re-journalised. This means there will be no double counting. All approved vouchers show at  https://manage.kodisher.com/payments/payment_vouchers

Step 2. Make a voucher. This is a payment request. It means, you can pay this amount to this landlord

Again this can be made per property or per landlord

“Generate Voucher” on the landlord page CANNOT be overdrawn “Generate Property Voucher”  on the property page CAN BE overdrawn

To generate a Journal per landlord

  1. You can then go to the Landlord vouchers page: “Landlord Accounts” > “Payment Vouchers” and add a new one on the top right.
  2. Click on “landlord voucher”, the next page will show you all the landlords and where money is due to them there will be a “generate voucher” link. Click on that.
  3. You can create a voucher that shows exactly how much you are going to pay to the landlord and you can add a description. The amount can be edited in case you need to generate several vouchers or give an advance to the landlord. However, the amount here cannot be more than what is in the landlord’s account
  4. Click generate. It will also need to be approved.
  5. At approval, you will confirm the amount and the corporate account to use.

To generate a Voucher per property

  1. First go to “Manage” > “Properties”
  2. Open the property for which you want to generate a voucher
  3. Click “Make Property Voucher” on the top right
  4. Here you can edit the voucher amount
  5. Edit the other fields as appropriate
  6. Click generate and it will be sent for approval.
  7. At approval, you will confirm the amount and the corporate account to use.

Step 3. Make the actual payment (This is a record of the payment made)

  1.  Go to “landlord accounts”> “payment vouchers” and then click on the number of the voucher you want to pay.
  2. You will get a pop up that you enter the cheque number and date and click to pay.
  3. We have updated the system and added an alternative way to add a journal.

All Landlord accounts at reported at  https://manage.kodisher.com/landlord/landlord_accounts. Click on the landlord name to see all Debits and credits to the account

Other Scenarios:

If you pay the landlords a fixed amount before you collect the rent, you need to do this:

  1. Go to the property page and create a voucher for the amount and period you wish you wish to pay
  2. Pay this voucher
  3. Collect the rent as usual and update Kodisher
  4. Generate a journal of the collections for that month
  5. The landlord account now has a Debit and Credit
  6. The system will calculate the difference as your loss or profit from that property for the month.
  7. The next month repeat from step 1

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