ACCOUNTING

Tenant rent is due on the 1st of each month. Oregon law allows it to be paid as late as midnight on the 5th. Bank processing time is now 8 days.  All vendor bills are paid prior to owner disbursemnts and then time is needed to compile statements.  All invoices/utilities/HOA and management fees are paid by the 14th of each month. Owner Distribution payouts land in your account on the 15th of each month.  If the 15th should fall on a weekend or holiday it will be pulled forward to an earlier business day.

If your tenant pays rent late there are several items that will cause a delay of the payment to the property owner until the following month.

The first is that due to banking restrictions funds can not be realesed for a minimum of 8 days for ACH clearing meaning that is rent is received on the 7th of the month or later it will miss disbursments on the 15th.

Second, certain system limitations with our software provider only allow processing owner distributions once per month.

Due to these two restrictions payments received after the 7th of each month can not be paid until the following month.

Each month during the timing outlined above you may receive two emails. If there is an owner disbursement there is an email confirming your ACH payment has been sent and the amount. Another email includes any important information or changes you should be aware of with a link to access your Financial Reports in your Owner Portal.

The reports are an Enhanced Owner Statement, detailing each individual transaction that occurred on your account, as well as associated invoices for bills paid, and invoices/documentation for any billable work orders (if necessary).

Should you have any desire to receive a customized report for cashflow or a consolidated report if you have multiple properties we can facilitate this. There will be a charge of $100/hour for time spent.

You will see any transaction that affects your property on your owner statement, even if the tenant is responsible to pay for them.

If the charges are tenant responsibility they will be charged appropriately.  

Quarter 4 (October-December) is a great time to submit any legal updates, addresses or name changes, so your end of year reporting is accurate and up to date for tax filing. Please be prepared to provide a revised W-9 if needed and if there has been a change to the deed (ownership) that documentation should be sent to your Pod.

Your Owner 1099 and Cash Flow Report for the prior year will be available in your owner portal by January 31st for download to send electronically to your CPA. If you prefer your paperwork be mailed or would like to receive both mail and digital copy, please contact your Pod or update your settings in your Owner Portal by selecting Settings in the Dropdown Menu under your email address, then select 1099 Settings.

The Owner's Portal is provided by one of our amazing software providers and gives the property owner access to montly reports, periodic property review reports, ability to change banking info and annual statements.  If any assistance is needed with this visit https://www.appfolio.com/help/owner

Your monthly reports will be posted to your Owner Portal and available for the life of your contract with us.  They will always be available for you to access and download.  The Owner Portal web interface is easy to use and is provided free of charge through your management fees.

While it is outside the normal scope of property management services to resend your reports to you or a third party for taxes, refinancing, sale etc. we can facilitate this at a charge of $100/hour for any time our accounting department spends on it.