Introduction

Managing payouts to landlords and vendors is a critical aspect of property management, and our platform is designed to make this process seamless for you. In this article, we will explore the efficient world of payouts through LoftyWorks. You can utilize our integration with Checkbook to seamlessly initiate payments through our system, or manually record payments if you use an alternative tool. Learn how you can automate and streamline your payout process, ensuring timely and accurate payments to all stakeholders.

Summary

• Start Via Quick Add
• Payout your Landlord
• Add or Remove Transactions
• Generate a Statement PDF
• Process Payments to Landlords and Contractors Automatically via Checkbook

Start Via Quick Add

Quick Add, which is located directly next to the search bar, is accessible on any page in the system. 

Payout your Landlord

Step 1 - Select the Landlord(s)

If you need to record a manual payout to your landlord(s), enter the date range you would like included in the payout and click Payout on the line that corresponds with their name. 

Step 2 - Set up the Statement

Take a moment to review all incoming and outbound expenses for your selected date range to verify their accuracy before you finalize and raise the payment. In Loftyworks, Incomes are any inbound payment such as rent or a collected fee. Expenses are any outbound payments such as maintenance or payments to a vendor.

On this screen, you will see:

• A Search Bar where you can specify the property address you want included on your payout
• A Group drop down where you can switch between grouping by type, by Property, or by Parent Property
• A Date Range where you can select the dates you would like included in the payout.
• Incomes are all incoming payments (Rent, Fees collected)
• Expenses are all outbound payments (Maintenance, Vendor payments)
• Click Show & Select to open up the line item and read the Description
• Click Finalize & Raise to log the payments as processed.

Add or Remove Transactions

Click Show & Select next to the property you would like to edit to bring up each charge for. 

You can check or uncheck specific transactions that you would like to add or remove from the final statement.

Generate a Statement PDF

If you would like to generate a Statement PDF that you can send to the Landlord for review, click Finalize & Raise > Preview Statement. 

This will auto-generate a PDF statement that you can print or download to share with your Landlord or save to your records. 

Step 3 - Approve the Payout

Once you have reviewed all charges and confirmed that you are ready to finalize payment, click Approve.

You will receive a Payout Successful prompt. Once you see this, you are done!

Process Payments to Landlords and Contractors Automatically via Checkbook

If you have the Checkbook integration set up, you can facilitate your outgoing payments directly within LoftyWorks. In the upper right-hand corner of the window, press "Process Payment" to open the Checkbook integration. This button is available on the Payout and Bills tabs. 

If it is your first time processing a payment via Checkbook, you will need to click through the acknowledgement. 

Once you have acknowledged, you can batch process outgoing payments to Vendors, Suppliers, or Landlords all at once. Select the payments that should be included in the payout and click Next. 

*IMPORTANT - to ensure the quality of your business and prevent any overdraft charges, the Bank integration that we have through Plaid automatically checks your bank balance before clearing any charges to ensure that you have a sufficient balance. If you do not have a sufficient balance, you will not be able to process the payment. 

Clicking Next will take you to a final review and confirm screen.

If your payment is successful, you will receive a confirmation window and each item selected will be marked as Paid. 

Questions?

Thank you for taking time to invest in your LoftyWorks learning. We hope you enjoy our best-in-class Property Management software. If you have any questions, comments, concerns, quips, queries, or quandaries, please email support@loftyworks.com.