You can use Azibo with Section 8!
With section 8, a portion of a rent is paid by the tenant, and a portion is paid by the government. Every aspect of Section 8 rent collection is covered, from banking, accounting, to online rent collection.
Azibo banking:
Deposit section 8 checks into your Azibo bank account, categorize the transactions according to schedule E tax categories, assign the payment to the related property for easy tax preparation.
Accounting and bookkeeping:
Tag both the tenant payment as rent, assigned to the property and unit; and the section 8 payment as section 8 rents, assigned to the property and unit.
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Pro Tip: set up transaction tagging rules to save time!
Online rent collection on Azibo:
Invite your renter to pay rent on Azibo, make their 'Rent amount' what the tenant is responsible for paying. Add a recurring payment line item to document the Section 8 amount.
- For example: your renter is responsible for $800 and section 8 is responsible for $500. You will create the payment terms with an $800 rent amount, and a $500 recurring payment.
- Enable partial payments for your renter, and make the minimum payment accepted the amount the renter is responsible for (in this example: $800).
- Record the Section 8 payment manually on the rent invoice, when received by the government.
Marking the Section 8 payment as received on an invoice:
To mark the Section 8 payment as received, navigate to your Rent tab.
Locate the invoice for your renter, to record the payment received.
Click on the invoice, to be taken to the Invoice Details page.
Click Record payment
Record the amount received, and any additional details for the payment.
Click 'Save recorded payment'