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Upcoming PM update for booking expenses (the "Booking Net" upgrade)
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Hi [first name]!
We’re rolling out an important update to Property Management statements that will make booking-related math clearer, more consistent, and easier to reconcile.
This update will roll out on November 20th. We’re notifying all PM v2 users so you can expect the improvement before your November statements go out.
What’s Changing
Going forward, booking expenses are always included in the booking amounts at the top of the statement. This eliminates the old behavior where expenses placed in the lower “Expenses” section caused the totals on the booking (Can Remit, Already Remitted, etc.) to appear artificially high or low.
With this upgrade, you’ll notice:
1. Statement math now always matches the booking
The Can Remit, Already Remitted, and Remitting Now amounts on the statement will always match what you see under the booking’s PM tab, no more mismatches caused by where an expense was placed.
2. Booking expenses no longer appear in the “Expenses” section by default
Because booking expenses now live with the booking itself, they no longer show in the lower “Expenses” area by default. You can still show them below if desired by creating a statement view.
We’ve added a statement view setting that allows you to display booking expenses in the lower “Expenses” section for informational purposes. However, those expenses will always show a reimbursement amount of N/A, indicating they are not included in the Expenses section math.
3. Booking expenses can no longer be excluded individually
Since they are now tied directly to the booking, you cannot exclude a booking expense from a statement by itself. You can still exclude the parent booking, and you can continue to exclude general (non-booking) expenses as before.
Why This Change Matters
This upgrade fixes the biggest source of PM statement confusion:
- Totals at the top of statements always align with the actual booking
- No more “Why is my remittance amount off?”
- Cleaner, more intuitive statement presentation
- Fewer manual exclusions and workaround headaches
- Everything now flows naturally from the booking itself.
What to Expect
- This update will roll out on November 20th. During this upgrade, you will not be able to issue new owner statements. The upgrade should take no more than a few hours.
- No action is required on your part
Your PM statements will start benefiting from the new behavior immediately, just in time for November’s cycle.
If you have any questions, feel free to reach out.
Best regards,
The OwnerRez Team