PropertyMe Statement Questions

Discussion in 'Property Management' started by Just_A_Name, 29th Mar, 2020.

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  1. Just_A_Name

    Just_A_Name Well-Known Member

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    Hi there. I have one PM using PropertyMe to handle statements, etc. The rental amount of the statements do not make sense to me. For example, if the rent is $600 per week, the rental income for a four week statement would be $2465, and the following statement would be $2300 or so. And there is not explanation or whatsoever on this.

    I calculate all the rental income from the day one of the lease to the last day of latest rental statement, the total amount of rent is accurate.

    I asked the PM once and they said it was normal.

    Do you have any ideas what is going on here? Thanks in advance.
     
  2. Joseph

    Joseph Well-Known Member

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    I find it confusing to follow the PropertyMe figures, but I assume the way it works is that the funds are transferred on a regular basis from the property manager's trust account. These may not align exactly with the payment cycle for the tenant (e.g. tenant is paying weekly, but transfer is occurring monthly). Also, tenants may sometimes pay slightly late or early which could when the funds are transferred in.
     
  3. Just_A_Name

    Just_A_Name Well-Known Member

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    Hi, Thanks for the reply. It could be the case.

    But this issue is only apparent after November 2019. It was fine before this.
     
  4. Lil Skater

    Lil Skater Well-Known Member Business Member

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    I use PMe and would be happy to look at it for you (redacted of course).

    It could be that the tenants have changed the way they pay, or are part paying, the cycles haven’t lined up etc.
     
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  5. Mel Morgan

    Mel Morgan Sydney Property Manager Business Member

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    Also use PMe and I'm guessing the issue is a timing one, regardless of the software. If you can get a copy of the ledger (called Tenant History in PMe) it might help clear it up. Happy to go through it also.
     
  6. SeafordSunshine

    SeafordSunshine Well-Known Member

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    We just had a leap 29 February, so a short month.
    maybe its this?
    I hope this helps
     
  7. Scott No Mates

    Scott No Mates Well-Known Member

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    Or a long one for February.
     
  8. Just_A_Name

    Just_A_Name Well-Known Member

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    Thanks for everyone replying. It is very nice of you guys

    It could be just some sort of part paying or timing related issues. Or my monkey brain is simply not good enough the understand it.

    A picture trump a thousand words, here is the latest statement. And here is the context to help understanding.

    Capture.JPG

    1. weekly rent is $500.

    2. Balance Brought Forward ($183.50) is from preview statement which only have $200 rent income(19/03/2020 - 25/03/2020), after some expense, the income is $183.50 (Please don't ask me why, I am also clueless to this statement).

    (Added more info, thank Michael pointing out for me)
    3. I blocked out some of expense descriptions because of including some business name.

    4. In this statement, total expense is $628.48. Total income is $2683.50. I received $2055.02.

    5. The PM did sent invoices with the statement, the amount from the expense parts are solid.

    If would be fantastic that you could help me to understand this. Thank you all very much.
     
    Last edited: 1st Apr, 2020
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  9. Michael Mitchell

    Michael Mitchell Property Manager Business Member

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    Firstly, why is there no descriptions for debits of $170.50 and $137.50 and what are those two debits for?

    Secondly just to confirm, the top amount, was that funds withheld in trust for you not previously disbursed? Do you know what these withheld funds were for? When there are 3rd party debits (such as when bills and invoices are paid), are you sent those as attachments along with your statement so every line item has a correlating supporting document to prove the payment etc?

    Thirdly, so looking at this statement, am I reading it correct in that you receipted $2,683.50 and paid out $628.48 and your nett was $2,055.02?
     
  10. Michael Mitchell

    Michael Mitchell Property Manager Business Member

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    Here's an example of my statement format which is just the default basic for the software I use and in 3.5 years have never had the need to change anything as it "works".

    upload_2020-3-31_23-29-43.png

    1) rental period tenant paid rent for and how much was receipted
    2) bill paid and corresponding invoice attached to statement when sent to owner
    3) management fees etc
    4) nett amount disbursed to owner

    (A) & (B) are totals for the respective columns,
    (C) is running balance down the column
    (D) time period the statement covers
    (E) is the audit numbers for each line item (transaction) - if your statement doesn't have these, off the top of my head I don't know if it's actually a requirement for them to be printed on the statement but the software must have tamper-proof audit tracking otherwise it's not compliant with the law and if that's the case would love to know how their real estate licencing audits go...
     
    Last edited: 1st Apr, 2020
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  11. Just_A_Name

    Just_A_Name Well-Known Member

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    Thanks for pointing out. I am sorry I missed some information. I add more context under the photo attachment.
     
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  12. Lil Skater

    Lil Skater Well-Known Member Business Member

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    Easy!

    The tenant has made two payments, first one $500 and the second $2,000. They are now paid to the 23/04/2020 with an additional $410 on account - you have been paid out this additional $410 at some stage too. So yes, your tenant has been making part payments instead of the exact balance due and they are paid slightly ahead of that.

    So totals are:

    Balance - $183.50
    Rent - $500
    Rent - $2,000
    = $2,683.50

    Invoices =
    - 320.48
    - 170.50
    - 137.50

    Total payout = $2,055.02
     
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  13. Just_A_Name

    Just_A_Name Well-Known Member

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    To Michael Mitchell. Thanks for your expiation, It is very detailed. I have my own system to document and track cashflow. But I do learn a few from your example.

    Thank Lil Skater. I think I figure it out now. It just as you pointing out. Thanks.
     
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