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Standard Payment Reports

Welcome to Standard Payment Reports training with VLU. This course will review the different payment reports related to payables and receivables within your VL platform, including the payment report, Payment activity report, and lessor aging receivables report.

By the end of this course, you should be able to:

• Recall the different payment reports listed on the standard lease reports pages
• Identify the key data points found within each report
• Describe how each report informs on an aspect of your portfolio’s health.

Please take a moment to review the course agenda. If you are looking for a specific topic, feel free to jump to the corresponding timestamp.

Payments Report

Let’s review the advantages of the payments report and the data found within…

The payments report is best used to view how your portfolio stands overall. It offers a detailed view of your account’s payables or receivables, based on your elections.

Customize your report options to include corresponding lease details, allocations, or aging data.

On the standard lease reports page, as with any report, I’ll first select the filter or list of leases I wish to run this report on. For this demonstration, I will be reporting on all active and pending leases.

In the report options section, there are 3 checkboxes: Show Lease Data, Show Allocations, and Show Aging Report.

I’ll include all options so that we can review each of them in the report.

The group & view options here mirror the options found on the Payments Sub Tab of a lease record. I will keep the default selections for this demonstration – using the system default Running Balance Start Date and the Current Month. I will also sort my report by Payee and Date.

I can run this report for payables or receivables.

I’m going to select payables and then generate the report.

Remember – as a best practice, Visual Lease recommends that your expense lease records contain only expense entries and income lease records include only income entries.

The report is generated in Excel with a series of tabs, based on my elections.

This first tab, labeled Payment Data, contains payment information for the selected leases during the date range I selected.

This includes the Record ID, the record type, category, the lessee or lessor – depending on whether I run the report for payables or receivables – the transaction ID, date, the amount of the expense or payment, the running balance, aging in days, Payment Amount, Payment Method, payment ID, and any comments supplied.

The next tab, Lease Data, provides detailed information about the leases included in the report. This is the information typically found under the General Tab of each lease.

The Payment Data with Allocations tab is particularly useful if your payments and charges are being split amongst various parts of your organization. That allocation breakdown is shown here.

The final tab is an aging report. This is where I will be able to identify any past due payables or receivables at a glance. Results are sorted by age and broken down into 4 periods: 1 to 30 days, 31 to 60, 61 to 90 and more than 90.

Payment Activity Report

Let’s review how to pull a Payments Activity report and some of the key benefits this report offers…

The payments activity report presents data on a lease-by-lease basis. This is particularly useful if for reconciling payments against individual lessees or lessors.

Due to its PDF format, it is an excellent method for creating statements to send to the other party.

On the standard lease reports page, I will ensure that the correct filter or leases are selected, click the radio button next to Payments Activity and review the Report Options that appear below. You will notice that the options are the same as the Payments report, with the exception of the additional sections, which are not available here.

I’m going to keep the default parameters and generate the report. This report is generated as a PDF and appears a bit like an account statement. Each payment record is itemized individually.

The lease ID and Building Name appear at the top with the address and lease term just beneath.

At the end of each lease, there is a summary of the opening balance, the amount scheduled to be paid during this time, the actual amount paid, and any remaining balance due.

Each entry can be sent as a transmittal statement with your expense payments, or – for income leases – can be part of your billing and invoice statement that is sent to your tenants.

 

Lessor Ageing Receivables Report

In this video, let’s take a look at the features and functionality of the Lessor Ageing Receivables report…

The Lessor Ageing Receivables report allows you to identify key details related to outstanding receivables in one unified report. The report is broken into 2 main sections: Summary and Details.

The summary aggregates the receivables and groups the results by organization. This allows you to easily identify total payments expected vs received in a given timeframe and breaks outstanding balances into buckets based on length of delinquency.

While the detailed view provides the specifics of each transaction including:

Which tenants have outstanding balances due

The amount outstanding

Exactly how overdue each transaction is in days.

From the standard lease reports landing page, select the Lessor Ageing Receivables Report radio button.

First, determine which leases to include in the report by loading a saved filter, setting new criteria, or creating a new fixed list.

Remember, this is a Lessor report, so it will only return records with Income transactions.

Next, set the report options:

Running Balance Start Date: any outstanding balances before this date will not be included in the report.

Financial Date Range: this is the period you are evaluating. Transactions outside of this timeframe will not appear in the report.

Organizations to Display: Select the checkbox to include all organizations in your platform or pick and choose specific organizations to include from the tree. Report results can be sorted and filtered based on the organization.

When you’re ready, click the Generate Report button.

The report is comprised of 3 tabs- the Summary Tab, the detailed report tab, and the report criteria tab.

The criteria tab summarizes the report options that you selected within the platform.

The summary tab aggregates data for each Organization included in the report, grouped by Organization.

Based on the report options you selected, it displays the total payments received -, the total receivables due, or the expected income for before any applied payments, during this time. And the outstanding balance due. This balance is also broken out to display past due amounts by 1-30 days, 31-60 days, 61-90 days and greater than 90 days.

The details report tab holds the raw data that is aggregated on the summary tab. From here you can view details about each transaction – including organization, lease ID, tenant name, Record type (Opening Balance, Lease Income, or Inbound Payment), financial category, and payee.

To the right, I will also see the payment transaction details – the scheduled date, the scheduled and actual amount paid, the running balance and ageing in exact days.

Key Takeaways

This concludes the Standard Payment Reports Course.

Remember…

• The Payments report is best utilized for a detailed view of your portfolio’s accounts payables and receivables.
• The Payments Activity report is most often used for creating invoices to send to your lessees.
• The Lessor Ageing Receivables report provides breakdowns of key details related to outstanding receivables.

Thank you for your time. Any questions, suggestions, or feedback may be sent to support@visuallease.com.