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 record the manager payout.
Note: The PM Statement receives the same treatment for every team, regardless of whether an operating bank account is connected to VRTrust. If you haven't connected an operating account, you'll simply see no Operating-ledger activity feeding into it — the sections and math below still apply.
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
Go to Statements
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
From the PM Statements tab, select the statement for the period you want to review
Use the Month dropdown in the Report section to move between months
Scope: all account types, not just revenue and expense
Previously the PM Statement showed only revenue and expense accounts (the manager's P&L). It now also includes asset- and liability-classified accounts, so it reflects what the manager is owed and owes, not just what was earned. This is what powers the Assets and Liabilities section below.
The statement is scoped in the background to the Trust ledger, Party = Manager — it presents the manager's position within the trust books specifically. Because that scope is fixed, you can't adjust the ledger filtering on this statement.
Understanding the PM Statement Summary
The Summary section provides a month-to-month roll forward of the manager’s account balance, now extended to a full available-balance calculation:
Balance start + Net earnings (Net Revenue − Expenses) + Adjustments + Transfers = Balance end
Balance end + Assets and Liabilities (as-of) = Available Balance
Balance end carries forward as the next period's Balance start.
Key Summary Fields
Net Revenue
Total of all accounts classified as revenue (period activity)Expenses
Total of all accounts classified as expense, excluding Equity-category expense accounts (period activity)Balance Start
Manager account balance at the beginning of the monthMatches the previous period’s Balance End
Will be zero in the first month of PM statements
Net Income
Net Revenue minus Expenses for the periodAdjustments
Equity-category expense accounts, plus the Due to/from Trust assignment where the transaction type is not a Bank Transfer (period activity)Transfers (formerly labeled "Payouts")
The **Due to/from Trust** assignment where the transaction type is a Bank Transfer, plus the Payout Distribution assignment. This identifies any movement of money between the trust account and the operating account, or a manager payout (period activity)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 Earnings + Adjustments + TransfersAssets and Liabilities (replaces "Reserves")
Collects the manager's asset- and liability-classified balances, adjusting for earnings not yet available in cash due to timing differences (like payment-processor reserves and the Due to/from Trust balance).
Presented on an as-of (cumulative) basis rather than period-only activity, since these are running balances, not period totals.
Available Balance
Balance End + Assets and Liabilities. This is the actual amount available to pay the manager.
Worked example
Balance start 3,489 + Net earnings 7,000 (10,000 revenue − 3,000 expenses) + Adjustments 300 + Transfers (−4,000) = Balance end 6,789,
Available Balance = 6,789 + Assets and Liabilities (−500) = 6,289.
Trust surplus/deficit (displayed only in the first month of statements) still applies as before: positive = trust surplus, negative = trust deficit.
PM Statement Views
PM Statements offer two views for review:
Grouped View (Default)
Traditional profit and loss format, now extended with the Assets and Liabilities section
Shows balances by general ledger account
Includes all accounts marked as Revenue, Expense, Asset, or Liability
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, expense, asset, and liability transactions where the party = manager
Transactions dated within the statement period (period sections) or as-of the statement date (Assets and Liabilities section)
Unassigned-account lines (account = null) surface here too, so nothing is silently dropped from the statement
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, Expense, Asset or Liability
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, expenses, and assets/liabilities
Recording the Manager Payout
Manager payouts — also called PM payouts or transfers to the PM (the terms are interchangeable) — are no longer recorded from the PM Statement. Reviewing the PM Statement tells you the balance owed to the manager; you then record the payout using one of the methods below, depending on your setup.
Default — trust accounting only in VRTrust
Record the payout as an Expense transaction:
Create an Expense (or categorize the payment from the trust bank record in Bank Reconciliation).
Set the expense account to PM Payouts.
Set Bill to to Manager so the expense posts to the PM Statement.
Pay it from your trust bank account; enter the payout amount and date.
Save, then reconcile the payment against the trust bank record in Bank Reconciliation.
This draws down the manager’s ending balance on the PM Statement and records the cash leaving trust.
If you run Operations Accounting (both trust and operating accounts in VRTrust)
Record the payout as a bank transfer from your trust account to your operating account:
Go to Bank Reconciliation → Bank transfers and click Add Transfer.
Enter the trust account as the source and the operating account as the destination, plus the amount, date, and a description.
Save, then reconcile both sides.
For the full transfer workflow, see Recording owner payouts and operating account transfers (VRTrust).
Summary
Reviewing the PM Statement ensures that:
All property management revenue, expenses, and asset/liability balances are correct
Opening balance adjustments and Due to/From Trust entries are reflected properly
Manager payouts match the calculated Available balance
This review completes the month-end reconciliation process in VRTrust and confirms that both owner and property management accounting are accurate.