In preparing to send data over to my accountant I’m coming across several inconsistencies in reports, fortunately the ones that caught my eye are massive in the tens and hundreds of thousands of dollar mistakes, but this gives me major concern about the smaller expense related numbers and if things are getting computed correctly for all categories for tax and accounting purposes. Here’s an obvious example of an error
Calculation errors like this seem to be a non-starter for investors, we need accurate financial reports. This is similar to an investment institution messing up your tax docs and showing a bigger or smaller capital and short-term investment gains…
I’d love to use their mistaken report that shows the gross income at $170K lower than actual but pretty sure the IRS would catch it and it wouldn’t fly at all.
Please chime in if you’ve experience similar issues.
@peter I agree that I would find this concerning. I do have one question to clarify. Do you have partial ownership of any/some of these properties? I ask because I see the ‘property’ named “Joint Holdings.” I’m wondering if a % of ownership is throwing off the calculations or one of these views is actually attempting to provide your totals vs the totals of the partnership.
I’d still find the inconsistency very disturbing. At a minimum, there should be a disclaimer or warning if the above is true.
Have you been able to export out the tax package for your accountant? I have been trying since January 20th to no avail. Their team is apparently “on it” but closing in on 3 weeks is an awful long time not to have it resolved…
100% ownership on the properties. The first 4 properties my wife and I own jointly in a portfolio called Joint holdings, the last property, 4415 Linden, I bought before we were together so I created a separate portfolio for that because I’ve managed them separately all these years, seperate business and credit card accounts and such.
What’s odd is when I click through on the report for the incorrect totals, it loads transactions page with the correct transactions and totals
Hey Andrew -
Thanks for the feedback. The income is tagged correctly and when I click on the individual figures from the Net Cash Flow and/or Income Statement report it goes to a filtered view of the transactions page that correctly shows the totals and all the transactions. Stessa has been responsive and is looking into the issue so fingers crossed they will get it sorted out soon.