Happy owners are something that just about every property management company worries about. In an ideal world, your owners would never be paid too much or too little, they would be paid "just right". In today's blog, we are going to explore reports and work flows that will make your owners Goldilocks-happy.
If you're someone that wants to double check the accuracy of the "Pay Owners" function, then you've come to the right blog! There are a few different reports that can be used, but one in particular will take the least amount of steps and give you the most accurate results...the Trust Account Balance (TAB) report! Customize the report as follows:
Now, drag the Unused Prepayment, Unpaid Bills, Reserves and Work Order Estimates to the right of your Rental/Cash In Bank/Operating/Trust cash account. Export the report to Excel or CSV and open your preferred application. Create an additional column to the right of the cash and additional columns and call it "Owner Payment". In that new column, enter a formula that takes the operating cash and deducts the other 4 columns - that number should be your owner's payment.
Yay! Now you've double checked your owner payments and sent out statements, now onto the nex-....oh. Look at that, 10 new emails all from your owners asking about their most recent payment. They might look something like this:
I've got the answers and the reports that will satisfy just about every owner. There will be the occasional owner that wants the Cash Flow, Income Statement and Balance Sheet for 12 months and a detailed General Ledger report, in which case, I wish you luck (just kidding, email us and we can figure it out together)! In most cases, these responses will earn you a gold star with your owners:
At this point, the owner is paid, you've provided them with a solid explanation for their payment...everything is "just right"! APM Help is here to ensure that your owner payments are correct every month. If your books are clean, then your owner payments are sure to be accurate as well!
Have questions on how to get clean or owner payments? Reach out to us at (281) 949-8755 or email email@example.com.