The Income & Expenditure Statement shows all Income & Expenses for the financial period.
This article provides you with a better understanding of each section within the statement.
Contents:
Income and Expenditure Statement overview
Additional Information:
The amounts shown on the Income & Expenditure Statement are for monies received for the specified date range selected (shown at the top left of the statement)
Details:
- Rent Received - Total balance of all rental income
- Breakdown of individual fees - Fees charged eg Lease Renewal Fee, Admin Fee, Routine Inspection, Advertising, Management Fee
- Owner Contribution - Centrelink/Centrepay fee, monies received from the owner
- Breakdown of individual creditor disbursements - Water Rates, Gardening, Strata Levies
- Tenant payments to the owner will appear in the CR/Income column, commonly for water usage
- Sub Total - Totals of each column, DB/Expenses, CR/Income & GST
Totals For This Period:
- Balance Bought Forward -
- Opening balances were added into Vault (eg you moved from another software to Vault & owner had balances at that time)
- Owner had held funds at the last end of financial year which carried forward to this year
- Total Rent Received - Total balance of all rental income
- Total Other Income - Total balance of income less rental income
- Total Owner Contribution/Payout -
- Monies that have been journaled out of the owner ledger (expense) or journaled into the owners ledger (income) and/or;
- Tenant refund eg overpaid rent and/or;
- Owner payment to agency eg reimbursement for keys
- Total Disbursements - Total balance of payments less Management Fees
- Total Management Fees - Total amount of Management Fees paid to Agency
- Total Paid to Owner - Total amount of monies paid out to the owner
- Carried Forward - Any monies held (not paid to the owner) at the time you generate the Income & Expenditure Statement
- Eg Creditor invoices due within the next 7 days, a held funds was manually placed