Vacation rental owner statements detail income and expenses specific to that property owner, while PM statements focus on the overall health of your property management business financials, including revenue and expenses collected across multiple properties. And while generating timely monthly Owner Statements is vital, producing optional monthly PM Statements can be just as useful.
Essentially, the PM Statement is a report of all of your expense records for commissions, individual taxes, and damage protection (if applicable) for a specific time frame.
PM Statements
The easiest way to start owner statements and payouts from scratch is to issue one statement per owner and the corresponding payouts one day prior to the date you want to begin sending Owner Statements, such as the last day of the month prior to sending your first Owner Statement. This essentially creates a "baseline" so that the OwnerRez system thinks each owner is paid through the end of the month.
To get started, navigate to PM > Statements & Payouts > PM Statements > + Create PM Statement. Choose a date from the Statement Date field > and click the "Preview Only" button. This will show you what the statement will look like when you go to create one (before it's actually created). When you're ready to generate the statement you'd click the "Create" button instead of Preview. Here is a screenshot that has all of the default settings.
While previewing, you can choose to exclude items from your PM Statement by clicking the checkbox in the Exclude column and then clicking on the Exclude box on the bottom left.
Back up at the top. After you click on Create, you'll have the option to Record Payout, Print, Export to Excel, or Delete the PM Statement. Notice that the status is still Unpaid.
Remember that OwnerRez has no direct connection to the banking system and is not able to move money anywhere. All OR can do is track and calculate what money needs to be paid to or by themselves or the property owners; users have to actually make the payment some other way and then record that in OwnerRez.
Your PM Statement will not be displayed on the PM Statements grid. Note that the status is still Unpaid because we haven't yet recorded the PM Payout.
PM Payouts
As part of your Owner and PM Statement processes, you can also record your payment from your "rents in trust" separate escrow bank account by clicking on the Record Payout button. In the Type dropdown list, you can select from Bank Transfer, Cash, or Paper Check. Notice that the "Amount" and "Paying Now" amounts are the same amount as the total of the PM Statement.
Click Save, and then your PM Payout will be listed on the PM Payouts grid.
Now, when you view the PM Statements grid, you see that the status is Paid in Full.