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Payprop letting statements

Does anyone have experience of using PayProp?

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Hi, one of my clients has rental properties and receives their monthly income & expenditure letting statement via an app called Payprop.

It is driving me mad, as there is no way to see what the rent is for that month. It records something called 'receipts' which is money to the letting agent from the tenant (so sometimes contains deposits) and it also has 'invoices' which are rental demands issued to the tenant (which aren't issued if a tenant pays several months in advance), so on a monthly basis there is no record of what the actual rent is.

Does anyone have experience of using this system and if so, do you have any suggestions?

Thank you

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By Paul Crowley
25th May 2022 16:54

Never used it, but letting agents often produce annual statements that are equally unhelpful

Worth noteing that the normal basis for letting is the cash basis, not accruals.

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By MCV71
25th May 2022 17:55

I have experience, but unfortunately the same as yours!

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Replying to MCV71:
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By Southwestbeancounter
26th May 2022 15:08

MCV71 wrote:

I have experience, but unfortunately the same as yours!

Ditto!

It's horrendous!

We have a client with properties rented out via a letting agent who uses this software and his statements are totally useless with silly terminology and daft dates etc! The letting agent now prepares them (for us anyway!) via Excel. The money still goes into the bank account as 'Payprop' though and there is no differentiation between properties in the annotation which can get quite interesting at times!

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By tltodman
26th May 2022 09:51

I'm the accountant for an estate agent that has just started using PayProp and it's reporting is hopeless for the letting agent (eg for getting sales/VAT info) as well for landlords and tenants. Sorry, I know that doesn't help but I feel your pain.

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Kentnix photo
By Kentnix
26th May 2022 10:26

Thanks all !

Sometimes it's reassuring just to know you're not alone with an problem...!

I've fed my issues back to the letting agents and hopefully they'll pass them on to Payprop.

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