Traditionally, property operating expenses are paid for with multiple different methods: check, ACH, credit cards. Even if all of these methods are funded by a single operating checking account, it can be time-consuming to group them all by property or unit for reporting purposes.
At the end of the month, someone needs to gather all the charges across different payment methods, check them for accuracy, map them to the correct home and ideally the correct line item.
If you pay for some expenses yourself and your property manager pays for others then you have to reconcile their reports with yours to understand overall profit and loss at a given property.
How operating expenses work
Operating expenses coordinated by Caretaker are paid for using digitally-created credit cards that are programmed with your spending controls.
A new digital card is generated for each maintenance issue that is created. If the issue requires service, the card will be used to pay for it.
As soon as an expense transaction happens we will show you the item in your Dashboard. The item will already be categorized.
Setting up your operating account
Add business details. In the Dashboard Home, you will see a list of account setup tasks. Click the first task to add information about the ownership entity that receives your rental income and pays for your operating expenses.
- Are you operating as an individual or a company? If a company, which type of company?
- Which country is the account located in?
- Add a funding account. Operating accounts must be funded before repair coordination can begin. To do this, you will need to have online access to the account that you want to connect.
- You may not see your bank account show up immediately after you add it. If you don't, refresh the page.
- The minimum reserve amount will be debited from this account. You can see the funds that are in your account in Expenses.
- Top ups: As expenses are incurred your balance will decrease and we will automatically debit the difference from your operating account at regular intervals to keep your balance at the required amount.
- Add spending controls to your payment method. In Maintenance Settings, choose the controls that should be programmed into the cards created for you.
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