Understanding your monthly income, expenses, and Owner Draw is important to managing your investment. Baker Street provides you access to real-time accounting reports which break down these details. This guide will help you to generate and read your owner statement.
To generate your owner statement, first log into your Owner Dashboard. On the left hand menu, select Reports. From this page, select Rental Owner Statement. If you would like to view this report on a regular basis, you can “favorite” it by clicking the Star icon to the left of the report name. This will permanently locate the report within the Favorites section at the top of the page.
From this page, use the drop down menu to select the property you’re interested in. If you own more than one rental, you can choose “All rentals” to look at a single report with details for each property.
Next, select the date range. Because we run our payouts on or around the 6th of each month, we recommend choosing a Custom Date range to generate the most accurate report. If you run the report from the day after the last payout (usually the 7th of the previous month) to the day of the current payout (usually the 6th of the current month), you can see all of the transactions that were included in your current payout. Be mindful that if the 6th of the month falls on a holiday or weekend, the payout will be run on the next business day, which means that you’ll need to adjust the dates you choose for the report.
Next, check the boxes for Income Statement and Transaction Details if you would like to view these details. Then click Run Report.
Looking at the Summary section of the report, you can see what your Owner Draw was for the month (circled in blue), what your Income was (circled in orange), and what your total expenses were (circled in red).
Generally, your owner draw will be your income minus expenses, however, if there were expenses left over from the previous month that exceeded your income (this is common after turnover or if a larger repair takes place), then these expenses will be taken out of your income first. If the “Available for Payment” amount is less than 0, this means you have a balance which needs to be paid off with your income before you will receive a payout. A negative number is noted by being in parentheses (). If your Owner Draw is not your Income minus Expenses, you can run the same report for the previous month’s Owner Draw to see if there were leftover expenses which needed to be paid off.
If you have made an Owner Contribution to pay for a large expense, you’ll see that contribution here (circled in green).
Looking at the Income Statement section of the report, you can see the details of all expenses charged to your property. These are broken down by broad category so that if you wanted to run a separate report of your expenses in one category (ex: landscaping expenses for the year), you could do so.
You’ll also see your income broken out by category. Should you have separate income categories other than rent (pet fee, utility fee, parking fee, etc.), you’ll see these categories here.
If you would like to see the details of any of these expenses, Navigate to Rental Owner, then Financials. Run a report using Cash Basis and click on the Property Address to expand the details. From there you can click on any expenses you’re interested in to see more details.