No disbursements...

DaveM

DaveM

So its the end of month and my offset should be filled with junes rental disbursements ready for mortgage payments due on the first of the month.

However no agents have transferred anything. I can understand maybe one even two not, but all have sent $0.

Shot off some emails and got some "we are backlogged preparing eofy statements". Bet they arent backlogged getting their % withheld from the rent though. And doesnt help me if they cant handle doing computerised reports and payments all in the same week.

Anyone elses pms in go slow mode for eofy?
 
I got mine on time - no feeble excuses here.

I'd be pissed getting it late. I'd rather wait extra time for my EOFY report from PM than my money.
 
What about companies that forward process? When I do EOM payments such as this month where the end of the month is a Sunday, I program my payments 'not before 30/6/13' when doing my payments such as yesterday. Otherwise I would have to go into work Sunday...and this week I was flat out going into work 10hrs, let alone a Sunday.

pinkboy
 
I only got one of our properties the rest are outstanding. Pretty annoying I agree with you Dave.

Oh and during the year I changed agents on one property in the smsf and just found prior agent had snuck up their management fee contrary to our agency agreement and they owe us a couple of hundred bucks. As its in the smsf I was preparing my reports when I found the discrepancy. Will keep a closer eye out on my fees too.
 
Currently we have no problems with the ones we self-manage.

All tenants paid on time and one tenant is months in advance.

SYD
 
Apparently the office of fair trading in qld have been making a fuss about end of month reports being done before the end of the month and fining agencies that do it, they want the report done the first day after and paid then, so on months like june where the last day is a sunday the payments can't be paid until the Monday.

Not helpful for landlords with loan repayments to make.

Perhaps a QLD based PM can confirm or deny this

Cheers
 
That's interesting Bigtone.
In VIC it's pretty simple, you pay landlords the same day you would normally pay them and do your end of month run on the 1st day of the next month.
So say our office would normally pay landlords on a Monday, Wednesday & Friday, we would have still done those payments on those days and just do the end of month on the 1st day of the month.

I don't understand the delay myself, but hey, I'm not a QLD PM!!
 
Sez said:
That's interesting Bigtone.
In VIC it's pretty simple, you pay landlords the same day you would normally pay them and do your end of month run on the 1st day of the next month.
So say our office would normally pay landlords on a Monday, Wednesday & Friday, we would have still done those payments on those days and just do the end of month on the 1st day of the month.

I don't understand the delay myself, but hey, I'm not a QLD PM!!
Click to expand...

that makes more sense, you make the payment but don't do the report and statement until the 1st
 
3 on times, 1 give me late notification.. Fair I should say, this is end of financial year..
As long as they give me early notice, and delay less than 3 days..
 
Mine pays mid month which I received no probs - also received the EOY statement 2 weeks ago, which I thought was way too early.
 
The only real delay should be possibly your EOFY statement which could take up to a week depending on the size of the agency's rent roll - someone has to either email them all or fold and post them all!
 
Bigtone, yep your right. Pm's in QLD have been told not to do EOM prior to the EOM so if EOM falls on a Saturday, owners won't receive their money until the Tuesday.

It seems the PM's must reconcile all transactions to the end of month to match the bank statement. Must make it easier to spot fraud against the trust account.

Auditors are cracking down on it.
 
We are in Queensland and our PM sent the disbursement and the EOFY statement through on Friday, 28th June. We weren't due any monies after that date anyway.

Actually this is the first time in years that the EOFY statement has matched my records. It's always been out a bit, sometimes a big bit but this time, for the first time ever, the totals have matched - exactly. I was prepared to accept that I might have got it wrong on occasion myself but now I am sure that it has mostly been the RE's. The formula I use in my spreadsheet hasn't changed, but the RE and PM have.

In the past we have encountered that problem with disbursements and EOFY statements being issued in July and I picked up a problem that I could never get sorted with one real estate office. They included the last payment (received in July) in the current years statement, and then counted it again in the next year's statement as the first payment received - aaarrrgh.

They just didn't seem to understand what I was trying to tell them. They were telling the taxation department we received that payment twice. They just kept telling me they had to do it that way because their accountant said so. It was really weird, they put the payment to us in twice but there were expenses in that final month too and they didn't double them up.

We sacked them over that, and a few more things, but mainly the fact that they just wouldn't accept that they were making mistakes.
 
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