This article is designed to bring you up to speed with changes to how property tracking is handled on invoices within Re-Leased. The related property field on invoices has transitioned to a read-only state. It will be automatically determined by the property tracking values assigned to each line item. Let's delve into what this means for your invoice management workflow and how best to prepare for the transition.
Understanding the Current Limitations
At present in Re-Leased, you may be accustomed to specifying a related property for an entire invoice and also assigning property tracking values for each individual line item. This often works seamlessly when all line items are linked to one property. However, when an invoice encompasses costs for multiple properties or discrepancies arise between line item tracking and the invoice's related property, issues can occur.
Navigating the Upcoming Changes
The new update will impact how you create invoices:
- The related property field will auto-populate based on the property tracking set for each line item.
- When all line items refer to the same property, the invoice will reflect that property. If they differ, the related property will read no property, streamlining reporting and budget relevance.
- For multi-property expense invoices, which will be denoted as no property, you'll need to adjust your report filters accordingly to include this option in your search criteria.
- Invoices will continue to appear under Invoices & Credits for properties tied to any line items.
It's important to note that if you're using Sage Intacct and syncing invoices to Re-Leased, your process will remain unchanged.
Preparing for Transition
To assist in your transition to the new system, we suggest:
- Becoming familiar with setting property tracking at the line-item level.
- Understanding how to filter for no property within reports to capture all relevant invoice data.
- Watching the demonstration video provided below to visualize the upcoming changes.
These adjustments are intended to enhance the accuracy and efficiency of your property management accounting. By ensuring that all line items are accurately tracked, inadvertently overlooked or misattributed expenses can be minimized.