Owner statement review checklist
Owners read statements looking for surprises. Most statement errors come from the same places: balances that don't roll forward, fees calculated on the wrong base, bills posted to the wrong property, and distributions paid before cash is confirmed. A short review before release catches them while they are still internal.
Checklist for property managers. Updated · 5 min read
Before reviewing any statement
- Bank and trust accounts are reconciled for the period
- All collections and deposits for the period are posted
- All bills received for the period are entered
- Channel payouts, if any, are broken out and matched to deposits
For each statement
- Opening balance equals last month's closing balance
- Collections agree to the PMS ledger and to bank deposits
- Management fee recalculated on the base and rate in the agreement
- Maintenance bills have an invoice and belong to this owner's property
- Markups, if any, match what the agreement allows
- Reserve held at the agreed level
- Security deposits are shown as held, not as income
- Prepaid rent is carried to the right month
- Distribution equals the available balance after reserves and unpaid bills
- Unusual items carry a short explanation the owner will understand
Red flags that should stop a statement
- A negative owner balance nobody has discussed with the owner
- A distribution larger than confirmed cash for that owner
- A fee that changed without an agreement change
- The same correction as last month
- A bill with no invoice or property attached
After release
- Log every exception and how it was resolved
- Note recurring issues so the root cause gets fixed, not just the statement
- Keep the support for each statement with the month's close file