As of 1 November 2021 our trust account software has been updated to the latest “cloud” version.
It is a major upgrade that will result in a different look to the familiar owner statement our clients have seen for many years. If we manage a single investment property for you there won’t be too much change. However, if we manage 2 or more properties the layout and delivery will be a little different. There is, however, some added flexibility in how your ownership entities are set up that may help separate income and expenditure reporting across your portfolio.
The added benefit is the introduction of an online owner portal that will allow you to log in and obtain:
- Copies of all financial statements
- A real-time overview of each tenancy including rent paid to date, lease terms and pending income and expenditure
- Copies of inspection reports
Statement Delivery Options
By default, the system is set up to send each “individual” owner all of their statements, regardless of the ownership entity. e.g. if you own one property in your individual name and another in a company name, it will send two separate statements addressed to you as the individual (on one email). Funds will be disbursed on a per property basis based on your instructions (same or different accounts).
Many owners have properties in different entities and would like a “separation” of records. The upgrade does make this easier. See below for an explanation of two options of how statements can be received.
Option 1: Receive one email with all statements regardless of the ownership entity.
All statements will be addressed to the individual they are sent to (rather than a company, trust name).
- This will be the easiest way to keep all records together. You will only receive 1 email each disbursement
- Funds disbursed will be grouped together as single transactions for each separate bank account required
- Funds can be sent to multiple accounts and/or separate accounts per property
- You can receive a statement for each property you own, individually or jointly
- Statements will be addressed to the individual which may not match the ownership entity
Option 2: Receive separate emails with relevant statements for each different ownership entity.
Individual statements for each property held under an ownership entity will be addressed to the ownership entity (e.g. company or trust name) and delivered to the chosen email addresses (e.g each individual owner, a single owner, a third party)
- You will receive a separate email (they can be sent to the same email address if required) with individual statements for each property held under the ownership entity
- Funds can be sent to multiple accounts and/or separate accounts per property
- Statements can be addressed to the ownership entity on a per property basis
- Funds disbursed will be grouped together as single transactions for each separate bank account required
The software upgrade is a big project for us with all records requiring a manual entry update. Initially, we will set up your file and statement delivery based on our existing system.
However, if you have a preference please feel free to complete the form below to notify us.
N.B. The delivery options can be changed at any time in the future.