Understanding Ownership Statements.
Statement Period: This shows the dates from your last statement period to the date of your current statement period. For example if the statement period is 29/03/2018 – 30/04/2018, then the 29/03/2018 was date our office last accounted to you and the 30/04/2018 is the date of the current statement period. These dates vary each month as we normally account to you within the last 2 business days of every month.
Opening Balance: This amount is normally $0, however if an amount appears in the opening balance then this means that you didn’t receive all the income from the previous statement period and that amount was withheld. So if the opening balance was $500, then our office has withheld $500 on your behalf. We would normally withhold funds as we have outstanding or upcoming invoices that are required to be paid.
Total Payments: This is the total amount of money you received from our office for this statement period.
Property Income Section of the Statement:
In this section each time a tenant pays rent it is recorded in this area, so if you tenant has paid twice during the statement period then 2 entries will appear. Therefore the total number times your tenant pays rent for the statement period will appear in this section, so 1 payment means 1 entry, 2 payments means 2 entries and 3 payments means 3 entries.
Money In: Shows how much money the tenant paid for each payment during the period. For example if your tenant pays $700 per week and made 2 payments of $1400, then it will show 2 entries $1400.
Money Out: This amount is always blank.
Property Expense Section of the Statement:
In this section every invoice that has been paid during the statement period is recorded in this area. Each invoice will be itemised, outlining the payee and amount. This also shows the management fee for every rental payment made by the tenant during this statement period. So if a tenant pays rent twice during the period then two management fee entries will appear.
Money Out: This section will show the actual amount of each invoice paid during the statement period. This also shows the management fee based on the amount of each rental payment made by the tenant during this statement period. So if a tenant pays rent twice during the period then two management fee entries will appear.
Ownership Contributions & Expenses:
In this section it will show postage & sundries charges. Also if you deposit funds into our trust account to pay any outstanding expenses then the amount you paid will appear in this section.
Total Ownership Payments is the total amount of money you received for this statement period. This will also show the account details for the EFT transfer.
Withheld funds: If an amount is shown in this section then this means that you didn’t receive all the income from this statement period. We would normally withhold funds as we have outstanding or upcoming invoices that are required to be paid.
Balance Carried Forward: If an amount appears in this section then funds have been withheld. Please refer to the withheld funds comment above.
Outstanding Invoices: If any invoices remain unpaid then they will be itemised in this section. These accounts will be paid in the next statement period if there is sufficient funds.
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