Each owner in the system has their own individual owner account. This is where the property manager can view and add transactions to generate the monthly statements. These transactions include debits and credits such as rental income due to the owner, taxes, cleaning fees, work order/maintenance fees, utility bills, and monthly recurring transactions.
Most of these fees and payments are automatically captured by the system and applied to the statement. The property manager can make any changes to a transaction prior to finalizing the month. Any changes made by any user are tracked.
To access the 'Owner Account', go to:
- Accounting > Day to Day Bookkeeping
- Owner Account
Select the applicable unit/owner from the "Unit Chooser:"
Owner Accounts Screen
- Unit Chooser - select the unit to view the owner's account for
- View Month or Annual Period by selecting the date range
- View the last month finalized and the balance brought forward
- Click "Print" to preview the statement
- Click the "Plus" icon to add a miscellaneous transaction to the account
- View the processed transactions. Select any field from the table to modify or update the amount.
- Click the "trash" icon to delete a transaction
- Click the "track" icon to display the history of updates that have been made to the owners statement
- View the minimum account balance, payment due to/from the owner, and the ending balance
Manually Add Credit/Debit Transaction
Most of the transactions are automatically updated by the system, but in some cases, an adhoc or miscellaneous transaction may need to be added. A transaction can be added as a debit or a credit to the account.
To add a transaction, be sure the correct unit is selected from the Unit Chooser, and then click the "plus" icon:
The "Add Transaction" window will open. Specify the details of the transaction including:
- Override the unit
- Transaction Date - this is the date the transaction will appear on the statement, note, it defaults to today's date
- Transaction Type
- Owner Statement Description
- Amount - to debit the owner, enter a negative (-) symbol before the amount
- The payment method if applicable, if not, check "Not Specified."
- Click "Add Transaction"
Edit a Transaction
Transactions can be edited and updated directly from the owner's account, as long as the statement has not been finalized. After finalizing, the transactions cannot be modified or deleted.
To update a transaction, click inside the text box and enter the updated information.
Be sure to click the "Save" icon after editing a field.
Delete a Transaction
To delete a transaction, click the "trash" icon in line with the applicable transaction.
Please keep in mind, if the current month has been finalized the transaction cannot be deleted
To preview the statement to see how it will appear from the owner's perspective, click the "Print" button and choose "Print Selected"
A new tab will open in the browser with the statement.
There are two layouts for the statement - classic (list view) and grouped (transactions grouped together by category). This can be set in the Software Settings Assistant > General Owner Account Settings.
Classic View Example:
Grouped View Example:
Please make sure to add the company logo and company information to display on the statement. This can be set in the Software Settings Assistant.
Email All Owner Statements
To save time, after finalizing, all the statements can be sent to the owner's at once. The statements will also appear in the Owner Portal after finalizing.
To Email All Owner Statements:
- Click "Email All Owners"
- Specify the "Homeowner Statement Cover Letter"
- Select the properties/owners to send the statements to
- Click "Email All"
The units will only appear in this window to email the owners once the statement has been finalized.
Owner's Account Balance
After processing all transactions for the month, the system will calculate the owner's ending balance. If a balance was brought forward from the previous month, it will display at the top of the statement and be included in the ending balance:
Below the table, see the owner's minium balance, if there is a payment due to/from the owner and the ending balance:
The minimum account balance is the payment that the owner must keep in their account in case the property manager has to pay any expenses on their behalf. If the owner goes below their minimum, the system will calculate a payment due from the owner to top their account back up. If the owner is above their minium, the system will calculate a payment to the owner.
Collect Owner Payment
Provided that the account is configured with an approved merchant processor, CiiRUS is able to store owner payment details so that the property manager can automatically collect any payment due, or the owner can use the secure payment link to submit their payment details.
Process Payment from Owner Account:
First, add the owner's credit card to store on file by going to Owners & Homes > Manage Owner > Add the Payment Details.
Then, from the Owner's Account, click "Collect Owner Payment" at the bottom of the screen:
From this window,
- Enter the amount to charge the owner
- Add any comments for internal reference if applicable
- Select the owner's credit card
- Click "Take payment now" to process payment immediately (otherwise, it will set to pending and can be processed later from the Paymnent Processing screen)
- Click "Process"
An approved or declined message will appear.
If the payment is processed immediately, and the payment is approved, a payment record from the owner will be automatically added to the owner statement currently in view. If the statement currently in view is closed or finalized, the payment will appear on the next open owner statement.
Send Owner Payment Link:
If the property manager does not have the owner's credit card information, the secure payment link can be provided to the owner to submit their payment.
Copy and paste the payment URL to an email to the owner or click on the link to preview the page:
Alternatively, the payment link can be included on the owner's statement each month so the owner can easily submit payment.
If enabled, the payment link will show on the last page of the owner's statement:
Annual statements can be generated for the owner to see a Year to Date Summary of all transactions for the year.
Select "View Annual Period" and specify the year:
The table will load each transaction for the entire year. Similar to the monthly view, see the Description, Transaction Type, and if it is a credit or debit. The table is grouped by the date:
To preview the annual statement, click on "Print" and choose to view a summary or detailed statement:
The owner will see a breakdown of each category and the total credits and debits.
From the preview mode, the statement can be emailed, exported, or printed using the tools at the top: