accounting faqs, rei hub questions, accounting questions, accounting integration

Crystal Abing avatar
Written by Crystal Abing
Updated over a week ago

What does REI Hub do?

REI Hub makes and supports accounting software for rental property owners and real estate investors. Our mission is to make investment property bookkeeping easier, more efficient, and less stressful.

Who is REI Hub for?

REI Hub was built for rental property owners and real estate investors and the financial professionals who work with them. REI Hub's accounting system is property-focused and easy to understand, with smart automation, focused on getting more done faster.

We are made for the everyday investor who knows that keeping the books for their rentals shouldn't be so hard, and that there has to be a better way. REI Hub is that better way.

How to add new properties to REI Hub?

Properties created in RentRedi are automatically added to your REI Hub integration.

Does REI Hub work for multi-unit properties? What about short-term or vacation rentals?

Yes, REI Hub works well for both multi-unit properties and short-term rentals. Properties can be single-unit or multi-unit, with no limit on how many units can be in a property. If you select a multi-unit property while booking transactions, a Unit Selector field will immediately display. Select a unit or leave the field blank to book the transaction to the property directly.

REI Hub is perfect for short-term or vacation rentals, which often have higher transaction volumes and so benefit even more from quality property-centric accounting software!

How does REI Hub differ from other accounting software?

Most traditional accounting software is built for regular small businesses and for accountants, and has to support a wide range of industries and customer types. This often results in cluttered software that is hard to navigate and not user friendly. While there may be lots of options available, none of them are specifically built for rental property bookkeeping.

On the other hand, REI Hub is exclusively focused on the unique needs of the investment property owner. This focus allows us to concentrate solely on providing the best and easiest to use accounting software for real estate investors and rental property owners.

Can REI Hub work for commercial real estate or other rentable property?

Yes! While REI Hub is designed first and foremost for individual rental property owners, our property-centric accounting system can easily be adapted to other businesses and use cases. You can easily add to your Chart of Accounts to track whatever additional categories are needed.

Can I update the Chart of Accounts?

Yes, you can add additional accounts to your Chart of Accounts. Sub-accounts are also supported. The default expense accounts match the IRS Schedule E categories for the shortest possible distance between keeping your books and filing your taxes.

For more information on what to consider when creating your rental property Chart of Accounts, click here.

Is customer support available?

Yes, customer support is available to all REI Hub customers via email and phone. Email us at [email protected] and call us during business hours (9am-5pm EST) at (888)939-6865.

How does REI Hub connect with financial institutions?

REI Hub uses secure Data Providers (Plaid and Yodlee) to access a read-only transaction feed from your checking, savings, and credit card accounts. REI Hub never has access to your sensitive log-in credentials and information. REI Hub takes your privacy and security very seriously. More information about our Data Providers Plaid and Yodlee is available on their websites.

Does REI Hub use double-entry accounting?

Yes, REI Hub is a double-entry accounting system (similar to general small business accounting systems like QuickBooks or Xero). Double-entry accounting is a generally accepted standard and enables advanced reporting like a Balance Sheet and Fixed Asset/ Depreciation tracking.

Can REI Hub produce the Profit and Loss, Balance Sheet, and Cash Flows reports?

Yes, REI Hub can produce all of the major accounting reports- the Profit & Loss, Statement of Cash Flows, and the Balance Sheet. Please note that starting balance entries need to be made for an accurate Balance Sheet.

For more information on the Balance Sheet for your rental portfolio, read here.

Can I add more users or an accountant to my REI Hub portfolio?

Absolutely! You can grant as many additional users access to your portfolio as desired. Enter their name and email address, and they will receive an invitation to create an REI Hub profile and access your portfolio.

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