Understanding Your Statements on PayProp

Accessing and understanding your owner statement is essential for keeping track of your rental income and expenses. This guide will walk you through the steps to find your statement and explain the key components to help you interpret it accurately.

Where can I find my statements?

Step 1: Logging into PayProp

1. Open your web browser or PayProp App and go to the PayProp login.
2. Enter your login credentials (username and password). If you don’t have an account yet, contact your property manager to get set up.
3. Click on the "Login" button to access your dashboard.

Step 2: Navigating to Your Owner Statement

1. Dashboard Overview: Once logged in, you will be directed to your dashboard, which provides an overview of your rental portfolio.
2. Accessing Statements:
   • Look for a menu or tab labeled “Statements” or “Reports”.
   • Click on the “Owner Statements” option.
3. Select the Statement Period: Choose the date range for the statement you wish to view. This can typically be done using a dropdown menu or calendar feature.

Step 3: Understanding Your Owner Statement

Your owner statement includes several key sections. Here’s a breakdown of the most common components:

1. Summary Section

• Opening Balance: The balance carried over from the previous period.
• Total Income: The total amount of rent and other income received during the statement period.
• Total Expenses: The total amount of expenses and deductions for the period.
• Closing Balance: The remaining balance after income and expenses have been accounted for.

2. Income Section

• Rent Received: The amount of rent collected from tenants.
• Other Income: Any additional income, such as late fees or other charges.

3. Expenses Section

• Management Fees: Fees charged by the property management company.
• Maintenance Costs: Expenses for repairs and maintenance work.
• Utilities: Charges for utilities, if applicable.
• Miscellaneous Expenses: Any other costs not categorised above.

4. Detailed Transactions

• Date: The date each transaction occurred.
• Description: A brief description of the transaction (e.g., “Rent Payment - Tenant Name” or “Repair - Plumbing”).
• Amount: The amount of the transaction. Positive amounts indicate income, while negative amounts indicate expenses.
• Balance: The running balance after each transaction.

5. Notes and Comments

• Additional Information: Any extra notes or comments provided by the property manager to explain specific transactions or provide updates.

For further information, please refer to the PayProp Owner Statement Guide here. 

Tips for Reviewing Your Statement

• Double-Check Dates: Ensure the statement period matches the dates you want to review.
• Verify Transactions: Cross-check the transactions with your records to ensure accuracy.
• Download Your Statements: Securely storing your statements ensures they are easily accessible and will help you manage your rental property finances more effectively.