PM reports and digital copy of receipts

Hello all,

Would like to know what sort of reporting do you get from your PM, frequency and what sort of content is in the report. Also is digital scan copy of receipts usable for accounting purposes or does it have to be the original?

OH have finally got the onsite manager to manage her IP but the first amount she got in the bank was alot less than what she expected. I'm thinking of asking the PM to provide the following but unsure if its reasonable.

+ A statement showing the rent and deductions (provided monthly)
+ Scanned copy of the receipts for any deductions (provided monthly)
+ Scanned copy of the entry report

Thinking digital copy of records are much easier to keep and manage than paper records, but unsure if that is acceptable for ATO purposes. Did a google but haven't had any luck.

Assistance is greatly appreciated.
 
Hello all,

Would like to know what sort of reporting do you get from your PM, frequency and what sort of content is in the report. Also is digital scan copy of receipts usable for accounting purposes or does it have to be the original?

OH have finally got the onsite manager to manage her IP but the first amount she got in the bank was alot less than what she expected. I'm thinking of asking the PM to provide the following but unsure if its reasonable.

+ A statement showing the rent and deductions (provided monthly)
+ Scanned copy of the receipts for any deductions (provided monthly)
+ Scanned copy of the entry report

Thinking digital copy of records are much easier to keep and manage than paper records, but unsure if that is acceptable for ATO purposes. Did a google but haven't had any luck.

Assistance is greatly appreciated.

I'd expect nothing less than a monthly statement showing itemised deductions and attaching any bills/invoices paid as evidence of the expenses.

A copy of the condition report and lease should also be provided to you shortly after the tenant moves in.

Can't see any reason why all of this can't be provided digitally - would save you paying for the PM's postage and stationery (usually a $2-$10 fee per month).
 
i get a statement of rent incomings and a listing of outgoings with originals of receipts.

i did ask about getting digital delivery of this to save the costs of postage but they said its was more work for them to scan the receipts and attach to a email than to just staple them to the back of the statement
 
i did ask about getting digital delivery of this to save the costs of postage but they said its was more work for them to scan the receipts and attach to a email than to just staple them to the back of the statement

Rubbish! It takes 5 seconds to save a file to PDF without printing and then another 10 seconds to attach it to an email and click send.

Time to sack your PM w0nnie.
 
I'd expect nothing less than a monthly statement showing itemised deductions and attaching any bills/invoices paid as evidence of the expenses.

A copy of the condition report and lease should also be provided to you shortly after the tenant moves in.

Can't see any reason why all of this can't be provided digitally - would save you paying for the PM's postage and stationery (usually a $2-$10 fee per month).

Completely agree. These items should be standard.

Rubbish! It takes 5 seconds to save a file to PDF without printing and then another 10 seconds to attach it to an email and click send.

Time to sack your PM w0nnie.

Disagree. 90% of receipts coming to us are either original hard copies or even hand-written receipts (gardening, handyman, etc). So it would be more effort to copy these electronically than a simple staple.
 
Rubbish! It takes 5 seconds to save a file to PDF without printing and then another 10 seconds to attach it to an email and click send.

Time to sack your PM w0nnie.

What Kate Said, CutePDF is pretty dang fast..maybe 1 sec, oh and another sec to select print to PDF
 
What Kate Said, CutePDF is pretty dang fast..maybe 1 sec, oh and another sec to select print to PDF

Yeah, fine IF you have an electronic copy to start with.

So if I'm a PM, doing a print run, I'm going to print each statement separately, to PDF, then remember who to email it to? Yeah, right! :confused:

(Assuming the software the PM is using is NOT smart enough to print each statement to a separate file or email directly)
 
One PM rang hubby a few months ago and asked for my Email to Email me the statements.
He Emailed first one. Hubby rang to ask about the monthly postage charge. He said he'd look into it (no response yet). This month next statement arrives by Email. Postage and sundry charge still there.
On talking to another PM last week he told me it wasn't law yet to be able to provide Email only. It is still law to provide paper copies (can't remember the governing body he mentioned).
 
Rubbish! It takes 5 seconds to save a file to PDF without printing and then another 10 seconds to attach it to an email and click send.

Time to sack your PM w0nnie.

ill respectfully disagree there, my PM is fantastic and i would be very short sighted to sack her for that. i also disagree on the 5 seconds as well. these are receipts that are hand written, not yet in electronic form and she would have to first scan and then attached to the emails, not to mention the added complexity of what she has to do with the original. i would rather her time be used actively managing my property, not scanning documents.

no, if i was to sack her for that id be doing myself a massive disservice. As they say, dont sweat the small stuff.
 
Also is digital scan copy of receipts usable for accounting purposes or does it have to be the original?
Digitally scanned is acceptable to ATO.
On talking to another PM last week he told me it wasn't law yet to be able to provide Email only. It is still law to provide paper copies (can't remember the governing body he mentioned).
Sounds like a Luddite to me; scanned copies of receipts are accepted by Courts and the ATO, so I'm not sure which mysterious law they think they know of which requires paper to be distributed.
 
1. Statements should be provided to owners at each disbursement - whether this be twice monthly or monthly.
It is now possible using some trust accoutn software to have all owner statements viewable online - All my clients can log in securely and view ALL their statements.
At each disbursment - all email clients - have their statements directly emailed as well. In addition to Statements, owners can also see maintenance, inspections appointments....depending on how transparent your PM is :) and if you have a number of properties all over Australia - if the PM uses the same program, you can view all your properties under your profile.

2. Entry condition reports - MUST be provided to all owners in addition to a copy of the tenant lease.
 
2. Entry condition reports - MUST be provided to all owners in addition to a copy of the tenant lease.

I didn't know this! so if the tenants are in already, and I've already received my first monthly statement, should I have also received an entry condition report and copy of the lease? The property is in NSW.

Hmm, I'm going to go and goole for the relevant tenancy acts now.
 
I get electronic statements from my PM, however if there is a disbursement they keep an electronic copy for themselves and send me the original.

I also know that the ATO allows you to keep paperwork electronically, they consider it more secure than paper due to backups.
 
2. Entry condition reports - MUST be provided to all owners in addition to a copy of the tenant lease.
I didn't know this! so if the tenants are in already, and I've already received my first monthly statement, should I have also received an entry condition report and copy of the lease? The property is in NSW.
I didnt know this either! Lura, where can I find this information for QLD?
I stand ready to be corrected, but I would respectfully suggest that this is the policy of lura's agency, not law. The Act generally deals with what the responsibilities of two parties (landlord and tenant) are. When you have a property manager, you are paying them to take on (many of) the responsibilities of the landlord on your behalf, but I don't believe the legislation speaks as to the relationship between the landlord and their agent; only between the landlord and tenant.

A copy of the condition report and lease must be held by both landlord and tenant, but I don't believe it's written anywhere that the landlord's agent (the PM) can't hold that on file for the landlord, but instead has to actually give it to the landlord. I'd be willing to bet on it, actually. ;)

I never get leases or condition reports (thank goodness - I have quite a few tenants and am overwhelmed with the paperwork already :D).
 
Hi Ozperp,

I like to keep my clients informed at every stage of the game - because I believe educating my clients ensures they know where they stand and I know where I stand. Those clients that do wish to be as informed, I modify my communication accordingly. However, where I am obligated under the various Acts, I will comply.

I'm proactive - not reactive.

I am not sure of what other States do, but in Qld under the PAMD Code of Conduct: Part 3, Division 2, Clause 32 states the following:-
32 Inspection report and inventory
(1) This section applies if the appointment of a real estate agent to
manage a rental property for a client provides for the agent to
complete an inspection report and inventory and give the
report and inventory to the client.
(2) The real estate agent must complete the report and inventory
in accordance with the appointment.

Not only is it best practice to do so, as an agent - we must comply with this - and if your agency does not....up to you.

Why this needs to happen: so owners know what condition their property is in at the start and end of each tenancy. There are many cases where owners have not received these entry condition reports for several tenancies...they finally visit the property and something is drastically wrong - but they cannot get the current tenants to pay because it was noted on their Entry condition report and the problem was with the poor management of the vacate from previous tenants. The property manager no longer works there, no information in the file or on system...Bond released and tenancy finalised and tenants have moved on - no further action can taken against them.

Best practice for owners: Be aware of the condition of your property before you give it to an agent. Take careful consideration of the contents of the Entry condition Report and make notes/question any discrepencies.
E.g. I took over a property from a franchise group and tenants moved out recently, the Entry Condition Report was not filled out by the agent - all blank. The only details were some vague comments from the tenants - thankfully I was already familiar with the property and the vacating tenants only had a small cleaning issue easily resolved. Owners never got an entry condition report.
Now, on the other hand, my brother had a property with Rental Hotline at the time and tenant had taken it upon themselves to remove cabinets, sheeting off garage without his knowledge, defaulted in rent got evicted...two lots of tenancies later he finds out it is no longer what it was. Agent shrugs shoulders and advises that this is better - umm, yeah in his opinion, but in my brothers situation - what was once a marketable workshop area, is now an empty garage with sheeting missing off walls...tenant long gone.

Owners beware: even if you don't want to know every little detail of your investment - a little time of now will save you in the long run.
 
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