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You might have thought adding the ability to use negative numbers within Landlord Vision wouldn’t make too much of a difference, but you’ll be surprised…
In this post we’re explaining this latest feature and how it can benefit you, especially if you’re adding expenses, expense receipts or recording property purchases. Read on to find out more, then stop by User Echo to vote on our next development priorities and features.
The capability to use negative numbers in Landlord Vision has simplified the following scenarios:
Adding Expense Receipts
Now if you have a receipt with a discount on it you can simply record a negative number rather than adding a credit note and assigning it to the expense. The receipt scanning software will still read the discount as £0, but you can now edit this to a negative value and save your expense with the correct total.
Adding Expenses
The same process also applies if you are adding expenses normally without uploading the receipt first. Again, simply record a negative value where there is a discount.
Please note that you cannot save an expense with a negative total, you will still need to enter a credit note where a refund has been issued.
Recording Property Purchases
In some cases when adding a property purchase, there are some credits that appear on the completion statement, whether it is money held over from previous arrangements, or maybe pre-paid rent if the property already has tenants. Again, record these as negative amounts in your expense rather than adding credit notes.
The new method also simplifies recording the mortgage. In the property purchase expense, simply record the following line:
Description | Account | Price
Mortgage advance | Mispostings | -100000
Assuming the mortgage to be £100,000
There is more in this Knowledge Base article on recording property purchases.
Property Sales and rental invoices are unaffected by this change.
What do you think of this latest change? Let us know on Facebook or Twitter, or by replying to any of our emails. Want to get involved in helping us to prioritise our next updates and new features? Head on over to User Echo where you can do just that.
