UNDERSTANDING YOUR STATEMENTS
For many, navigating the intricacies of income statements can be a bit like learning a new language. While the pros in the crowd are quick to understand these concepts with great familiarity, it can take some work for the rest of us. My accountant's email signature quotes comedian Sage Boggs saying “I’m glad I learned about parallelograms instead of how to do taxes. It’s really come in handy this parallelogram season.” This Q&A about reading your monthly EMC income statements will hopefully help all those parallelogram experts read and make sense of all the numbers in your revenue property income statement. Q: When can I expect my monthly statement of rental income and expenses? A: Your financial statement is sent out via email around the 22nd of the following month. Ie. November’s statement is emailed on December 22nd. Q: Why doesn’t the amount under “Owner payments” match the deposit I see on this month’s bank statement? A: Be sure ...
