Payment Advice & Statements (Settings)
Within your Company Settings > Accounting section you will see the tab Payment Advice & Statements where you can find the related settings and customise how they work.
How it Works
The first sections is an introduction and explains what payment advice and statements are and how they work in Street.
Payment advice details the amount paid and any deduction and will be sent when an landlord is paid money.
Note - If during the Allocate Funds stage there is no money owed to the landlord, they will not receive a payment advice.
Monthly statements summarise all financial activity for the past month, as well as any management activity, such as expiring certificates, upcoming maintenance jobs (showing the amount if a quote has been instructed), expiring tenancies and upcoming inspections. Monthly statements will be sent monthly based on the date you select in the settings.
If you want to see a preview of what payment advice and statements look like, click the 'preview' buttons in the 'how it works' section.
Payment Advice Settings
Within Payment Advice Settings you can toggle it off to prevent any payment advice emails from sending to landlords or toggle it on so that payment advice emails are sent whenever a landlord is paid money.
Note - Toggle payment advice off will only stop payment advice emails being sent to landlords. Contractors will continue to receive their payment advice emails.
Toggling payment advice on will also give you access to some additional settings.
In the payment advice note section you can add a note that will display on all payment advices, such as 'payments will take 2-3 days to process'.
Toggling on 'attach invoices' will send any agency invoices to the landlord as an attachment, when their payment advice is sent.
Toggling on 'attach maintenance job invoices' will send any maintenance job invoices relating to that payment to the landlord as an attachment, when their payment advice is sent.
There is also a separate toggle to send agency invoices (such as commission) to contractors when they receive their payment advice email.
Note - Many contractors request their invoice alongside their payment advice. In this case, you should ensure this setting is toggled on.
Statement Settings
Within the Statement Settings section you can choose whether to send monthly statements to landlords. This acts as the default setting in your system however each landlord can have their own statement settings setup within their own individual portfolio page.
If set to no, monthly statements will not be sent to landlords by default however you can override this on an individual landlord basis from their portfolio page
If set to yes, you can choose the statement schedule by selecting which date monthly statements should be sent on. You also have the option of selecting the 'last day of the month' which will send the statement on the last calendar day.
In addition you can add custom notes that will appear above each management activity section on the statement itself.
You will also have the option of attaching invoices and maintenance invoices to statements. This will include the invoice file as an attachment on the statement email that is sent to the landlord.
General Settings
Finally in General Settings you can set a specific email address for sending payment advices and statements from.
Street is constantly being updated. This can mean that some of these articles become slightly out of date. If you spot something that looks a little bit different to your Street account, please let us know on the live chat so we can get it updated!