As a Property Manager, you can download various reports from your Letus account based on the specific information you require. Below is a summary of the different types of reports available:
Overdue Charges Report
This report displays transactions that have not been paid by tenants. Please note that it cannot be filtered by dates and it will only show current results.
Transactions Report
The payments report is a breakdown of all payments processed in real time. In addition to resident details, source of the payment, transaction confirmation ID, payment method, and transaction breakdown, the payments report also includes the EFT details.
The column titled “Source” specifies how the payment was initiated, some possible types are auto-payment (Recurring), one-time payment, hosted payment page (HPP), txt2pay, PAD (Preauthorized payments), and Funding.
The different types of statuses are the following:
- Complete: It means successful payment or payment was returned.
(Most returns are due to NSF. To verify, you can refer to column M for “Type” and then review column S for the "Return reason"). - Failed: Payment declined due to account issues, for example, wrong account number, NSF or the bank not supported. To confirm the reason, refer to column Q "Failure Reason". There is no EFT created for failed transactions.
- Cancelled: A refund was issued
- Timed out: Typically, for cash payments not paid
- In Progress: The transaction is still being processed (different banks have different processing times
If the row in column T “EFT Ref ID” is empty, the payment has not been batched and deposited into the property manager’s account.
EFT Report
The EFT Report is Letus’ bank reconciliation report designed to help the accounts receivable team understand the breakdown of bank deposits from resident transactions on Letus.
For every bank account, there is one merchant account that classifies payments into two types:
- Credit/credit-debit transactions (CC)
- Bank account transactions (DD)
At the end of each day, all payments are batched into a single EFT Ref ID (Column Q).
For transactions happening over the weekend, the EFT Ref ID from each day will be batched into an EFT Batch ID (Column T)
To view a breakdown of the transactions within an EFT, locate the deposit amount found in Column U, “EFT Batch Amount” - this total will match the deposit found on the property manager's bank statement.
Deposits are typically made within 2-3 business days after the EFT has been created by the processing bank.
- EFT - NSF, Return, and Declined:
A Return or NSF happens if a resident’s payment declines after the funds have been paid to the property manager’s account. A returned payment is added to the report and subtracted from the payment total of the EFT. Letus includes the returned payment to balance PM’s accounts receivable for funds owed by the resident.
- Starting in 2024, we will introduce a new process called Funding:
With Funding, the property manager's bank account will be automatically debited to offset daily declined transactions that were initially pre-funded into their bank account. Rather than subtracting these declines from the total EFT payment, this ensures that the total amount of payments will be disbursed.
- Note:
When a transaction fails due to a DECLINED reason (due to account issues, for example, wrong account number or bank not supported) Letus does not pre-fund these transactions, thus, they do not reflect on the EFT report only on the transactions report.
Tenants Report
This report provides a comprehensive overview of all users who have registered with Letus. While it can be filtered by property and date, it defaults to displaying data from the last 30 days.
Included in the report are details such as the date of creation, property information, tenant details, account ID, origin, status, log in details, and information on previous and upcoming payments.
To ensure the tenant's account is active, refer to the 'Account Status' column. Additionally, the 'Login Account' column indicates whether the account login has been verified.
This report serves as a valuable tool for reviewing upcoming and past payments associated with tenants.
Custom CSV Report
You can download two different custom CSV reports:
- Recurring billing dates, allowing you to filter by property and date.
- Declined payments, offering the same filtering by property and date.
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