Owner Paid or Tax Deductible

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Owner Paid or Tax Deductible
May 31, 2014, by tristarland

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I'm not sure I understand the "intent" of these two check boxes in the expense report. I am assuming that the deductible box is for when my company has expenses related to the property for deductions at the end of the year...or is this report solely intended to report different expense types to a particular property related only to owners?

1 Responses:

John Amato, May 31, 2014:

Good question. The tax-deduction field is not presently used for anything, so it's really your discretion. We have some property managers who have some internal expenses (not passed through to the owners) that are tax deductible, and some that are not, so this is a way to record that. As soon as someone tells us how they'd like to see that used on reports, etc., we can develop for that.

The "Owner Paid" checkbox is to indicate those expenses which are passed through to the owners, and this comes into play on the (new) Owner Statement report.

Does that make sense? Feel free to elaborate here (or elsewhere in the forums) about what you'd like to see, or further questions.

Thanks,

John

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