How to Record Credit Card Transactions Not Tied to the Trust Bank Account

Do you pay bills within Rentvine using a credit card from your corporate banking account or a bank account other than the trust bank account? This article will walk you through multiple ways of recording said transactions within Rentvine.

Quick Links

Setting the Credit Card as a Bank Account (Managed within Rentvine)
 

Setting the Credit Card as a Reimbursement (Managed outside of Rentvine)

1. Go to Money Out > click Actions > and select New Single Payment
   
   
   
   
   
   
   
   
2. Record the payment, selecting the Credit Card under Bank Account
   
   
   
   

1. Go to Money Out > click Actions > and select Add Bill, but click the box at the bottom to ’Override Payer Bank Account(s)' > Select the Credit Card as the Bank Account
   
   
   
   
   
   
   
   
   
   
   
   
2. In order to mark the bill as paid, an overdraft override will have to be set on the portfolio page temporarily.
   • Navigate to the relevant portfolio
   • Under the Details section, click Edit
     
     
     
     
   • In the Overdraft Override Amount box, enter the amount of the bill(s) that need to be marked as paid by the credit card
     
     
3. To process the payment of the bills: Go to Accounting > Money Out > Click Actions >  select Pay Bills > Adjust the Bank Account field to the Credit Card >Click Search > Select bills to mark as paid > and Post, here you can specify that this payment was made with a Credit Card
   
   
   
   
   
   
    
   
   
   
   
   
   
   
   
   
4. Be sure to navigate back to the portfolio page to remove the temporary overdraft override
   
   
   
   

1. Run the report ‘Bank Balance Breakdown’
   
   
   
   
2. Customize Report
   • As of Date: Today
   • Bank Account: Credit Card
   • (Add Filter) Balance: Not Equals: $0
   • Build Report
     
     
     
     
     
     
3. Open another tab > Go to Accounting > Select Banking > Click Actions > and select New Bank Transfer
   
   
   
   • Source Bank Account: Trust Account
   • Destination Bank Account: Credit Card
   • Amount: Total Amount from Bank Balance Breakdown that will be paid to the credit card from the trust
   • Description: Enter something brief so you and your team can easily identify, such as  'Payment to Credit Card'
   • Date Posted: Date payment is being made to the Credit Card
   • Transactions: Add separate line items to match the line items on the Bank Balance Breakdown (ledger name and amount should match from the report)
   • Once all details are filled in, click Transfer Funds
     
     
     
     
     
     
4. Process a real-life credit card payment from the trust to match the bank transfer completed in Rentvine.

Setting the Credit Card as a Reimbursement (Managed outside of Rentvine)

1. Go to Money Out > click Actions > and select Add Bill, selecting the Management Company as Payee
   
   
   
   
   
   
   
   
2. To process the payment of the bills: Go to Accounting > Money Out > Click Actions >  select Pay Bills > Locate and check off the bill just created > Mark this bill as paid 
   
   
   
   
   
   
    
   
   
   
   
   
   
   
   
3. In a corporate accounting platform, we recommend setting up a GL account called Reimbursable Expenses.
   • When the expense is incurred on the credit card, it will be recorded using this GL account
   • When the expense is reimbursed from the trust account, it will also be recorded using this GL account, effectively netting the expense to $0 in the corporate accounting platform

1. Create a vendor in Rentvine called Credit Card; set Payment Information to be Paid By OTHER.
   
   1. Create a vendor by clicking the vendors tab under contacts. Click the green actions button, and click new vendor to create one for the credit card
   2. Scroll down to the payment information and click the pencil icon to edit this information. Change the payment type to other. 
      
2. Next, you will manually create the bills in the system, and these will be to reimburse the credit card that was used to pay for bills outside of the system.   
   
   1. Money Out > Actions > Add Bill > record bill as normal, selecting Credit Card vendor as Payee
      
3. The last step within Rentvine is to process the payment for these bills. We selected the payment type as other earlier, so no actual payment is going in real life; this is only recording the payment in Rentvine.
   
   1. Process payment of bill: Accounting > Money Out > Actions > Pay Bills > Search > Select bills to mark as paid > Post
   
   
   
4. Any payments made to the Credit Card vendor should be processed in real life by physically paying the credit card from the Trust to match.