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Review PM Statement

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How to Review the Property Management (PM) Statement

Reviewing the Property Management (PM) Statement is the final step of month-end reconciliation. This review should be completed after all owner statements are finalized to ensure that property management revenue, expenses, and payouts are accurate.

This article explains where to find PM Statements in VRTrust, how to review them, and how to process manager payouts.

When to Review the PM Statement

PM Statements should be reviewed:

  • At month end

  • After all owner statements are finalized

  • Before issuing the manager payout

PM Statements are automatically generated for each month and do not need to be created manually.

Accessing PM Statements

  1. Go to Statements

  2. Select the PM Statements tab

The PM Statements page displays a summary view of all monthly PM statements, similar to the Owner Statements summary.

PM Statements automatically update whenever new transactions are posted to the General Ledger.

Opening a PM Statement

  1. From the PM Statements tab, select the statement for the period you want to review

  2. Use the Month dropdown in the Report section to move between months

Understanding the PM Statement Summary

The Summary section provides a month-to-month roll forward of the manager’s account balance.

Key Summary Fields

  • Net Revenue
    Total of all accounts classified as revenue

  • Expenses
    Total of all accounts classified as expense
    (The detailed expense lines below will sum to this total.)

  • Balance Start
    Manager account balance at the beginning of the month

    • Matches the previous period’s Balance End

    • Will be zero in the first month of PM statements

  • Net Income
    Net Revenue minus Expenses for the period

  • Adjustments
    Includes opening balance and trust-related adjustment entries
    (See Opening Balance help articles for details.)

  • Trust Surplus / Deficit
    Displayed in the first month of statements

    • Positive = trust surplus

    • Negative = trust deficit

  • Transfers
    Total payouts and transfers made to the property manager during the period

    • Often matches the Balance Start if the prior period balance was fully paid out

  • Balance End
    Ending manager balance for the period

    • Calculated as:
      Balance Start ± Net Income ± Adjustments − Transfers

    • Typically equals Net Income if prior balances were paid out

PM Statement Views

PM Statements offer two views for review:

Grouped View (Default)

  • Traditional profit and loss format

  • Shows balances by general ledger account

  • Includes all accounts marked as Revenue or Expense

  • Acts as a summary of the Detail View

Exporting the Grouped View

  • Click CSV Export

  • Downloads the grouped PM statement as a CSV file

Detail View

The Detail View shows line-level activity from the General Ledger that makes up each account balance.

It includes:

  • All revenue and expense transactions

  • Lines where the party = manager

  • Transactions dated within the statement period

Clicking an account in the Grouped View opens the related Detail View lines.

Using Filters in the Detail View

Filters help narrow your review:

  • Date – Limit to a specific date range

  • Listing – View activity for a specific listing

  • Account – View a specific GL account

  • Classification – Revenue or Expense only

  • Type – Filter by transaction type

  • Subtype – Drill into transaction subtypes

Exporting the Detail View

  • Click CSV Export

  • The export respects all applied filters

Important PM Statement Rules

  • PM Statements cannot be deleted

  • They automatically update as GL activity changes

  • They serve as the source of truth for manager revenue and expenses

Paying Out the Property Manager

After reviewing the PM Statement:

  1. Click Payout (upper-right corner)

  2. Enter:

    • Payout Date

    • Account to Pay From

    • Payout Amount

      • Defaults to the Balance End

  3. Confirm the payout

Once processed:

  • The payout appears on the Transfers tab of the Statements page

  • It is labeled as a Manager Payout

Summary

Reviewing the PM Statement ensures that:

  • All property management revenue and expenses are correct

  • Opening balance adjustments are reflected properly

  • Manager payouts match the calculated ending balance

This review completes the month-end reconciliation process in VRTrust and confirms that both owner and property management accounting are accurate.

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