At GPS Renting, we follow a structured financial rhythm to ensure transparency and reliability in managing your property’s income and expenses. Below is an overview of what to expect each month and year.
1. Security and Pet Deposits #
All deposits are securely held in a designated trust account at Enterprise Bank & Trust in St. Louis, MO. At the end of a lease, funds are distributed to the appropriate party based on the final accounting.
2. Monthly Owner Statement #
Owner draws typically occur between the 7th and 9th of each month. A detailed monthly statement is sent by email between the 9th and 12th. This statement outlines all income and expenses, and we strive to provide receipts for every expense item to support both your understanding and your tax preparation.
Monthly Statement Details
The Owner Statement provides a clear summary of your property’s financial activity—primarily a cash-in, cash-out report covering a specific timeframe.
Transactions Section
- Includes transaction date, vendor or item name, transaction type, account, description, and amount.
- A running balance is shown to track cash flow.
- Non-cash entries (like journal entries or zero-dollar adjustments) are excluded.
- Note: If multiple transactions are recorded on the same day, their display order cannot be changed.
Column headers may show Income and Expense, but these represent Cash In and Cash Out for your property.
Unpaid Bills, Cash Summary, and Remit Balance Due
At the bottom of your statement, you’ll find:
- Unpaid Bills: Any outstanding bills dated within the statement period.
- Property Cash Summary: Shows reserved funds and any prepayments.
- Remit Balance Due: If your account balance doesn’t cover all unpaid bills and reserves, this amount shows what’s needed to bring your account current.
To contribute funds, use the “Owner Contribution” option in your portal. ACH transfers are free.
Need help? Email GPS Renting.
3. 1099 Form (Tax Season) #
In January, you will receive a 1099 form summarizing the previous year’s income to use for your annual tax return.
4. Annual Cash Flow Statement #
Also in January, we provide an annual income and expense report to assist with your full-year tax reporting.
