Verifying Owner Draw Amounts

[Aaron Silverman]

Does anyone have a method for verifying owner draw amounts before processing them?  Example, a tenant paid rent early, so instead of processing it in the owner draw, you catch it and only send the rent for that month.

Yes, I have a tenant that pays rent at least three weeks early every month.

Also, if there is pending maintenance, I hold the funds for the maintenance.

It is a manual process for me, and I sometimes miss items. 

[Julie Sandham]

I have to do it manually. I wish they had a better way.

Sent from my IPhone...please excuse brevity.

Julie Sandham-Real Estate Broker

11782 Jollyville Rd.

Austin, TX 78759

Office: 512-538-5573

Direct: 512-265-7521

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From: buildium-n...@googlegroups.com <buildium-n...@googlegroups.com> on behalf of Aaron Silverman <aa...@aaronsilverman.com>
Sent: Thursday, August 13, 2020 5:46:38 PM
To: Buildium User Group for NARPM members <buildium-n...@googlegroups.com>
Subject: Verifying Owner Draw Amounts

 

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[Tim Hendricks]

When recording management fees, I look at what I am collecting this month vs last month - that tells me if there's something very different in terms of funds collected & disbursements.

Sent via Superhuman

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[Glenn Russell]

do you de-select "prepayments" when doing the owner draws?

that should filter out any early rent....

Glenn

   Cell: 757 - 641-7400

Glenn Russell, Broker
Coastal Group, Inc. Realtors
4634 Haygood Road
Virginia Beach, VA 23455
Cell: 757 - 641-7400
Ph: 757 - 233-9595 
Fax: 757 - 233-9696
Glennhruss...@gmail.com
http://GlennRussell.com

www.CoastalGroupRentals.com

www.CoastalVirginiaProperty.com  ...search all 4 cities...

www.VirginiaBeachProperty.management

Glenn:     http://vimeo.com/36036602

                 http://vimeo.com/36097429

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[Aaron Silverman]

Tim, yes, I do the same thing when processing management fees, but I charge a flat fee, so that would not help in this scenario.

Glenn, I did not know about the prepayment feature.  I will give that a shot. 

I will still have the problem with pending maintenance.  On the facebook group, someone suggested adjusting the reserve balance, which will work work.  The new manual process would be to remember to adjust the reserve fund back after the maintenance is paid.

That is a good workable idea.

I also use Podio, and I have been building out a highly customized version.  I think I might able to be able to track this in Podio and then "quickly" compare a Podio report to the owner draw.  That is a project for later in the year though.

Aaron

[Glenn Russell]

When adjusting the owner reserve, I will put a remark in address line 3 adjacent to the reserve block saying what the temporary setting is and the permanent setting.  Then you don't have to go back to old notes or documents to find the correct $amount.  Especially helpful when the owner has just sent you money and the system wants to turn around and send it right back...( Have made that mistake more than once).

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[contactagentandie]

For all it worth this is why I do everything at the end of the month. I pay vendors on the 23rd collect my management fee on the 23rd and pay owners on the 24th. When I go to pay owner I cluck to exclude any pending prepayments.

Andie

Elm property management 

Sent from my T-Mobile 4G LTE Device

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