Owner Statement FAQ's
Created by: Nate Jones
Modified on: Thu, 4 Apr, 2019 at 12:13 PM
1. When are owner statements sent out?
Owner statements are emailed to clients on the 20th and 1st of each month. If the 20th or 1st falls on a weekend or holiday they will be emailed on the next business day. If you don't have an email address on file we can mail a physical statement to you
2. How do I read my owner statement?
3. How do I see the rent that was paid?
The example below shows a multi-unit building and 4 different tenants who paid rent. Notice the rent will allows be under the "Cash In" column. The "Balance" column shows how much money SlateHouse is currently holding for for this property
4. Why did my tenant only pay part of the rent?
In the image above it shows a tenant that paid $413.10. Her rent is actually $550. Why did she pay less? There are a couple possibilities:
She only made a partial payment which is unlikely in this case because it was a very unusual amount.
More times than not it's because a tenant had a prior balance. In this case the tenant had a balance of $136.90 coming into March. The first $136.90 went to outstanding balances(utilities, late fees, court costs, etc) and the remaining $413.10 was applied to rent.
5. Why isn't my balance $0 at the end of the month.
Each property has an associated reserve fee. Owner draws are calculated such that the property always maintains a balance greater than or equal to the reserve fee.
6. My reserve fee is $250 but my balance is $350?
There are a couple reasons for this:
There may be unpaid bills. Check the bottom of your owner statement and see if there are any unpaid bills
A tenant may have paid rent online within the last fews days. This payment would not have cleared into our bank account yet. We withhold owner distributions until the payment clears into our account
There maybe be an accounting mistake where an expense or income was applied incorrectly. Contact your property manager so our accounting department can do an audit on your account
7. My account is negative. What does that mean and what happens now?
When we send out owner statements on the 20th sometimes you'll find that you have a negative balance. This happens when there are more expenses then rents collected. Please make an owner contribution to restore your reserves. You can make an owner contribution online through your portal or send us a check. If you don't restore a positive balance in 7 business days you will see a "Negative Account Balance Charge" like the example below
The rate of interest charged will fluctuate as the Federal Reserve Rate increasing and decreases. Typically the charge is between 1%-1.5% per month.
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