This article explains the two ways that you can use the FreeAgent mobile app to record rental income for a property that you’ve added to an unincorporated landlord account in FreeAgent.
Please note that:
- the unincorporated landlord account type is currently only available if you work with an accountant who is a FreeAgent Partner
- you’ll need level 7 access or above to your FreeAgent account to follow the steps below
- any changes you make using the FreeAgent mobile app will be reflected in the desktop version of FreeAgent
If you have an unincorporated landlord account type and rent out a property, you can record the rental income by either explaining a bank transaction as ‘Rental Income’ or creating an invoice. Please note that doing both will result in your income being double-counted. If you have refunded rental income to one of your tenants, find out how to record a rental refund.
Begin by opening the FreeAgent mobile app on your iOS or Android device and log in using your FreeAgent login details if prompted. If you’ve accessed the app recently, you may be logged in automatically.
Explaining a bank transaction
If you’re explaining a bank transaction to record rental income instead of creating an invoice, tap the three-lined 'hamburger' icon at the top-left of the FreeAgent mobile app and select 'Banking'.
Choose the relevant bank account from the list.
Select the transaction that relates to the rental income. Select ‘Rental income’ from the ‘Explained as’ menu and choose the relevant property from the ‘Property’ menu.
Select ‘Explain transaction’ or ‘Save’ to complete the process. Find out more about how to explain bank transactions on the FreeAgent mobile app.
If you have more than one transaction that you need to explain as rental income for the same property, you can explain multiple transactions in bulk.
Creating an invoice
If you’re creating an invoice to record rental income instead of explaining a bank transaction, you’ll need to add the tenant as a contact in FreeAgent before creating the invoice.
Add the tenant as a contact
To do this, tap the three-lined 'hamburger' icon at the top-left of the FreeAgent mobile app and select 'Contacts'.
Tap the '+' at the top-right of the screen and follow the steps for adding a contact using the FreeAgent mobile app.
Create the invoice
Next, tap the three-lined 'hamburger' icon at the top-left of the FreeAgent mobile app and select 'Invoices'.
Tap the ‘+’ at the top-right of the screen and select ‘New invoice’. Select which tenant the invoice is for using the ‘Contact’ menu and select which property the rental income relates to from the ‘Property’ menu.
Enter the relevant details for the invoice, select ‘Create invoice & add line items’ and follow the steps for creating an invoice using the FreeAgent mobile app to add details of the rental income.
Find out how to view a breakdown of the income allocated to a property and its overall profitability.