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Track net worth / balance sheet/mortgage tracker

ASSETS & LIABILITIES/BALANCE SHEET/MORTGAGE TRACKER: Option to track net worth I.E. tie back loan to property, show purchase price of assets, loan balance, etc.

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AdminNathan (Engineering Ninja, Rentec Direct) shared this idea  ·   ·  Flag idea as inappropriate…  ·  Admin →

28 comments

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  • Lavallee, Kristen commented  ·   ·  Flag as inappropriate

    And tie to current market value too. I currently use Stessa to do this, but it would be great to have it integrated into Rentec.

  • Reeves, Christopher commented  ·   ·  Flag as inappropriate

    @nathan (Engineering Ninja) - looking at your comment from November 30 2016. I don't run your business, so I don't know what decisions are best for your company. I do know that my company is growing - with 274 units owned now and 200-400 more we expect to acquire in 18-36 months. We need full accounting. What attracted me to your platform is your "no commitment" offer, 30 day trial, no pushy sales people, clearly explained self training videos and no contract. This is great but we live in a world of increasing data analytics - and without full accounting the product is really hobbled. When we get to 500 units we will be paying something like $7,500 per year for your platform and yet still lack full accounting, data analytics, any kind of dashboard customization and an API to integrate with common "best of breed" industry products such as Iloveleasing, PMtoolbelt, analytics platforms etc. Your customer service rocks - hopefully it will be possible for your product to grow in capability over time.

  • Kruger, Jason commented  ·   ·  Flag as inappropriate

    How about starting with allowing split recurring transactions. This at least allows the split transaction (mortgage and principle) to be automatically entered each month. Then the PM can simply go into the transaction and tweak the amount each month without having to go through the effort of imputing vendor, property, account, etc. Using this methodology allows your programming team to leverage the majority of RT current core functionality and only requires some front end help with input forms to facilitate the spit recurring transactions and transfers. In terms of those using escrows.... well that is more difficult and I understand that goes outside core functionality.

  • AdminNathan (Engineering Ninja, Rentec Direct) commented  ·   ·  Flag as inappropriate

    Hi Jason,

    We're still actively working on improving the system (in multiple ways). This feature just happens to be highly complicated because it requests that Rentec convert from an Accounts Receivable system (as it was designed) to a full accounting platform. While it might seem simple on the surface, it's tremendous work on the back-end to complete. It's still a possibility, but could take months or up to a year of development time to complete, whereas some of the other features you see completed may take a week or two.

  • Kruger, Jason commented  ·   ·  Flag as inappropriate

    Any updates on this item. I see the team is working on items with 10 or 15 votes, but this item has 268 votes so it appears it is what your customers really want. I believe the community would rather get 2 or 3 critical, but more difficult projects implemented vs 10 or 15 simpler/less critical projects.

  • Kruger, Jason commented  ·   ·  Flag as inappropriate

    Any updated on this feature. Currently I have to go to 5 different mortgage websites (1 for each loan) to break out interest vs principle and then manually enter each split transaction. Its becoming our most dreaded monthly exercise. As minimum, can we at least allow recurring split transactions? This would also help for items like property insurance where we prorate the monthly payment across multiple properties.

  • Alperin, David commented  ·   ·  Flag as inappropriate

    Are you working on basic balance sheet functionality? It would make the accounting easy to do and understand. Seems like mostly everyone would benefit and make product so much more comprehensive and user friendly.

  • Orsi, Mick commented  ·   ·  Flag as inappropriate

    This seems very similar to another post titled "mortgage tracker" that is currently under review

  • Abramson, Isaiah commented  ·   ·  Flag as inappropriate

    Any progress this has been going on for a while. Forget the escrow accounts as they pertain to tax and insurance not the loan itself.
    Focus on the 2 aspects of the loan, principle and interest.

  • Bunch, Al commented  ·   ·  Flag as inappropriate

    Mortgage and escrow accounts are two distinct pieces that may or may not comprise a mortgage payment. Focus on the loan portion of the mortgage payment first.

    Implement the escrow portion later - a possible good intermediate step to begin addressing escrow might be specific callouts for each property with tax, insurance and HOA dues along with due dates, journal entries, and a way to attach files (bills/statements) to each entry.

  • McMinn, Sandra commented  ·   ·  Flag as inappropriate

    This sounds interesting but it's a pretty big chunk of work. I see three parts to this that are probably all handled differently: 1) money spent at closing, 2) loan taken out for purchase and 3) money spent after purchase on things that are too big to write off in one year (remodels, etc).

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