Open Banking Transaction Hub
Overview
PaTMa supports Open Banking, which allows you to link a business bank account with your portfolio.
After connecting your bank account, you can quickly reconcile transactions with expenses and income from your PaTMa account.
Connect an Open Banking Account
Before using the transaction manager you will need to link your bank account.
Make sure you have your bank info handy, then visit the Banking Overview and add the account.
For more help setting up your Open Banking account, click here.
Viewing Transactions
From your Banking Overview, find the relevant bank feed and click Transactions.
Every transaction that has been imported is available to view, unless you have hidden them previously.
If you need to filter or search for a particular transaction, the search box at the top allows you to narrow the results based on date, amount, and status.
You can hide irrelevant transactions by clicking the x icon - they will remain hidden unless you unhide them later. You can unhide a transaction by using the filters to locate Hidden transactions, and then clicking the ✓ icon.
Reconciling Expenses
New Expenses
If you haven't already logged your expense in PaTMa (although for best practice you really should!), or PatMA hasn't detected the match, you can create and link the expense from the bank feed.
Click the → icon and add some information about the expense:
- Expense for - choose the relevant property, or select a landlord. Most expenses are for a property - only choose a landlord if the expense does not apply to a property (eg you paid for a professional certification).
- Invoice date - the date the invoice is due.
- Date paid - the date the payment was made. This will be filled in for you based on your bank feed.
- Payment Method - the type of payment made. This is autofilled from your bank feed.
- Amount - the amount paid. This is autofilled from your bank feed.
- Supplier - the supplier the expense was paid to. You will need the supplier created already, or add one now.
- Description - what was the payment for? Add any notes you need.
- Tax category - the type of expense. This is used both for classification and also for calculating your tax report.
- Document - upload a receipt, invoice, or other verification if you have it. Not required, but highly recommended.
Click Save to store the expense and the payment.
Existing Expenses
If you have already created an expense in PaTMa, PaTMa will try to suggest matching transactions from your bank feed.
Check the property, supplier, and desacription are correct, then click Link expense. PaTMa will update your records.
Reconciling Income
Your tenants are (hopefully!) paying you rent, and PaTMa can reconcile rent payments from your bank feed with your rent schedule.
Look for the Matched tenancy rent due icon and check that the Property and Tenancy info match the payment. If so, click Create rent payment and PaTMa will update your records accordingly.
If PaTMa hasn't managed to line up the payment with the rent due, you can manually record the payment by clicking the ← icon.
Fill out the form to ensure the rent is logged to the correct property:
- Tenancy - the tenancy the payment is made towards.
- Date received -the date the payment was made. This is autofilled from the bank feed.
- Amount - the amount paid, which is autofiulled from the bank feed.
- Notes - any other notes, for your own records only.
Click Save to record the payment and PaTMa will update your records.
If the payment is too little or too much, PaTMa will show this in the rent overview for the tenant and create an overdue balance.