First post and not sure it is in the right spot, but hopefully it's correct! I am a broker and investor in Indianapolis.
I am looking to reach out to other users of Tenant Cloud to see if they are having some of the same issues. There is a lot I like about it, but I am having a few issues and was told it was just my account and they would fix them and I have not seen or heard from them again... going on two months. Issues are:
1. Strange accounting: I, as the property manager, pay for the screening fee and charge the applicant a fee as well. The fee shows up on my management company's accounting as an expense and that I paid for it, but shows up also under the property expenses and looks like the property owner has paid it. Also the prospective tenant's payment shows up under the property owner's income no matter what. There is a button that says "hide from owner" if I click it the applicants payment is hidden from the property owner's reports, but it still shows up on the property's account balance and there is no way to take it out of the property account without it showing a transaction against the owner... making the whole process of accepting an application fee, paying a screening fee, and the feature of "hiding the transaction" pretty useless. As of the last few months I have been deleting the screening fee that I paid from the property account and keeping my company books in another accounting program. I then chose not to hide the applicants screening payment that shows up under the property's account, but then issue a payment to my company... which I had to set up as a vendor under the system. This is making the property management account in TC useless.
2. As of last Friday I have tried to list 3 properties for rent and syndicate them and they have not shown up on any of the syndication websites. I contacted TC support and their latest reply said that weekends could take longer to post and that they are reaching out to the different websites to see if something is wrong on their end. I listed a different rental on my local MLS on Sunday and syndicated it to the same websites and it posted within 15 minutes.
Again, I like a lot about tenant cloud and hope to continue using them and hope they improve a few items. Tenants and property owners seem to like their user interface and their features.
Is anyone else using tenant cloud? Are you having issues?
Thanks for your time!
update... Tenant Cloud reached out and they found the issue with the syndication and have now fixed it. There are still some strange accounting things going on and would like to know if its just my account or if others have noticed it. For the most part I have found work arounds for the issues, but not ideal.
Overall, tenant cloud has a lot more pros than cons.
I use TenantCloud for awhile, but never experienced similar Accounting issues. It seems screening fees show up as expenses, and application fee is money the applicants pay you to proceed with the application (and it's income on the Accounting board).
I can't find the "hide from owner" button, though(
Did you contact their Support manager to clarify this?
Once I couldn't post my listing on other websites but the issue was fixed shortly. That's what I love about TC - great customer service.
Thank you for your response! Glad to hear it is working correctly for you. Are you managing properties for property owners or mostly your own portfolio? Thanks again for your time!
I've been using tenant cloud for sometime now. I agree with you. There is a lot to like with this software. My favorite being that it is cloud based and mobile friendly. It has made rent collection easier than ever.
That said I have had similar displeasure with the accounting platform. I haven't been using it like you have with a separate accounting page for management vs. the income/expenses of each property. All my management fees end up on the property accounting and associated reports. Maybe I should start doing it like you are. Make sense to separate it.
My only thoughts are it has something to do with who is selected as payer/payee. Another possibility is if the income/expense is categorized as management fee will that separate it from the owners statements? Im kinda grasping at straws here.
My recent struggle has been that owner distributions which go out around the 5th of the month show up as an expense on the proceeding months property owner statement. This fouls up my numbers and makes it harder to calculate the distribution. I spoke with their support team and the only solution I got was to back date the distribution so it would be hidden. Yes a work around but not ideal.
It is comforting knowing I'm not the only one running into some issues. I do get the sense that TC is continuing to grow and do take user input seriously. They are always quick to respond to my online ticket requests.
Best of Luck Garrett!
PS: I am only signed up for the basic account for a DIY landlord. I manage a few of my own properties as well as three for my Dad.
Thanks for the reply. Glad to hear others are using it and seeing mostly good because I do think they respond to requests and are working on a good product. I just need the accounting part nailed down a little bit better. Honestly, using another program along side of TC has actually come out pretty solid. I use Bkper but quickbooks or wave would work too. I am not seeing the owner reports/distribution issue, but maybe we are using it differently.
Property owners can only see distributions and contributions in their accounting tab. So if you create an invoice for a property that is being paid to a services provider the owner doesn't see it until it is paid and shows up in their report. Would be nice if they could see the open invoice and that attached provider's invoice the same way I can see it in my account. Not sure the thinking behind some of these items. They all have work arounds, but I think it could be even better with a small tweak here and there.
Thanks and good luck! Hope things keep rolling in the right direction.
I use TC to manage properties and sometimes have issues with accounting as well. Good thing is that they actually listen to what you have to say and implement recommendations if you give them. I had a long conversation with their support team over a year ago about Schedule E and now it's possible to create the report for the tax purposes which is very handy.
My latest problem is that I cannot keep "late fee" or "NSF fee" as a "management fee". It goes as income to the owner where I need to have it as income for the management company. Also sometimes I find that different expense categories do not match correctly to schedule E categories. However, I would submit a ticket to the support and they fix it. Yes, it is frustrating sometimes but I hope that their accounting system will get better. I too have separate system (double data entry) to make sure that I do not loose any data in TC. I hope I 'll be able to get rid of it soon though.
There are two different modes that you can use: property owner or property manager. If you are managing your own properties as an owner you won't have any issues with distributions/contributions.
Hijacking the thread a little bit.
I have a few properties that I manage myself, a few others managed by different PMs. All tenants pay the rent directly to me electronically. Is there a way to setup TC so I have the full access, the PM has limited access both in terms properties they can view and the rights they have on editing.
I really do not know, but I would guess you would need to pay for the property management TC account and then you can add teammates in the settings and add your other PM as team members and I think you can give levels of access, but I am not clear if that can be specific to each property or not.
@Garrett Lickliter I use tenant cloud for screening. I couldn't use it this time. Their support couldn't help. Hopefully it gets straightened out.
I manage my own properties. Probably that's why I don't have issues with owner contribution/distribution.
@Yuriy Skripnichenko you're right!
Just signed up for TenantCloud last month.
Today is November 2nd, 2020
TenantCloud no longer has a relationship with PayPal.
From their support:
"We have removed PayPal as a payment option for new users and those who hadn’t activated it. All the current users that have an active PayPal payment option will continue to accept the payments. If they deactivate it, they will not be able to reset it.
Now only two payment options available within the system: TC Payments powered by Dwolla and Stripe."