Statements Vs Remittance

You have the option to produce for your Landlords and your Contractors either statements or Remittance Advice depending on your preference. We recommend that you decide which route you are wanting to go down before you start paying your clients through Expert Agent and get your templates setup in advance.

Remittance Advice

A Remittance Advice is receipt for the payment. Its a very basic document that will show your Landlord or Contractor what they have been paid and which transactions have been included in the payment. For your Landlords, they will see any rents that you have paid them followed by any sales and purchase invoices you have deducted. There will also be a note of any funds you have retained on account and any tax deducted for any non-resident Landlords. For your Contractors, they will see any invoices you have made payment to them for followed by any commissions you have deducted (for your Contractors who are subject to commission).

There are default Remittance Advice templates in the Expert Agent Default Letters for Landlords and a separate one for your Contractors. The format of the Remittance is hard-coded and cannot be changed but you can clone them across into your 'Our Letters' and add any headers or footers in to personalise them.

You can email or print your Remittance Advice from either the payments to make report in bulk for the payments you have made or from the client record itself. Please see the page Remittance Advice for further information on producing your remittance.

Statements

A Statement is a statement of account for either the Landlord or the Contractor. It will show any transactions that have been posted on account within the specified period. For your Landlords, they will see any income received, any sales and/or purchase invoices deducted and any payments made (along with any tax deducted for non-resident Landlords) to them within the date/transaction range that you have specified when running the Statement. For your Contractors, they will see any purchase invoices you have posted on their behalf along with any payments you have made to them and any commissions that have been deducted. Both Contractors and Landlords will also see any relevant balances brought into the period or carried forward into the next period whether this be retained funds, outstanding invoices or unpaid funds. Anything that has been posted will show on the Statement, not just transactions that specifically relate to the payment that has been made as with a Remittance Advice.

There are multiple Statement templates to chose from for your landlords, the template you chose will determine the way your transactions are laid out but the same as above with your Remittance will apply; the format of the Remittance is hard-coded but you can clone them across into your 'Our Letters' and add any headers or footers to in to personalise them. Please see the page Landlord Statement Examples for further information on this. For your Contractors there is one Statement template available. 

You can email or print your Statements from the payments to make report, Landlord/Contractor grid or from the client record itself, please see the page Landlord Statements for further information.