Compile all income received from the property
In this task, you need to compile all income received from the property. This includes rental income, any additional revenue sources such as parking fees or laundry facilities, and any income from ancillary services provided to tenants. The purpose of this task is to accurately document the income generated by the property.
Stakeholder Account Sync
This task involves syncing the property's stakeholder accounts. It includes reconciling bank statements, credit card statements, and any other financial accounts associated with the property. The purpose of this task is to ensure accurate and up-to-date financial records for the property.
Record all repairs and maintenance costs
This task involves recording all repairs and maintenance costs related to the property. This includes expenses for regular maintenance, repairs, and any unexpected repairs or emergencies. The purpose of this task is to accurately track and document all repairs and maintenance expenses.
Calculate the property expenses subtotal
In this task, you need to calculate the subtotal of all property expenses. This includes adding up all expenses related to tenants, taxes, insurance, and repairs/maintenance. The purpose of this task is to determine the total expenses incurred by the property.
Calculate the Gross Income of the property
This task involves calculating the gross income of the property. This is done by subtracting the total expenses from the total income. The purpose of this task is to determine the gross income generated by the property.
Calculate net profit or loss by subtracting the expenses from the gross income
In this task, you will calculate the net profit or loss by subtracting the total expenses from the gross income of the property. The purpose of this task is to determine the overall financial performance of the property.
Prepare draft of Profit and Loss Statement
This task involves preparing a draft of the Profit and Loss Statement based on the calculated figures. The purpose of this task is to have a preliminary version of the statement ready for review and verification.
Approval: Financial Controller
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Prepare draft of Profit and Loss Statement
Will be submitted
Finalize the Profit and Loss Statement
This task involves finalizing the Profit and Loss Statement. Make sure all figures are accurate, review any discrepancies or issues identified in the previous task, and make necessary amendments. The purpose of this task is to have a complete and accurate Profit and Loss Statement ready for distribution.
Approval: Property Manager
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Finalize the Profit and Loss Statement
Will be submitted
Distribute the Profit and Loss Statement
In this task, you need to distribute the Profit and Loss Statement to relevant stakeholders. This includes property owners, investors, or any other parties with a vested interest in the property's financial performance. The purpose of this task is to provide transparency and accountability regarding the property's financial status.
File final version of Profit and Loss Statement
This task involves filing the final version of the Profit and Loss Statement for record-keeping purposes. Make sure to store it in a secure and easily accessible location. The purpose of this task is to maintain an organized and comprehensive financial documentation system.
