BANKING AND ACCOUNTING SERVICES
When you enter into the property management agreement, 3KEYS establishes an account for you and your property. 3KEYS recognizes the importance of accurately collecting and disbursing funds. 3KEYS uses specialized accounting software designed to handle the many facets of property management.
3KEYS holds security deposits in a separate trust fund mandated by the state of Washington.
All bookkeeping transactions are available for you to view on line. 3KEYS sends monthly account statements to owners by email.
Disbursement of Rental Income
3KEYS sends rental receipts (minus expenses) to owners when the rent payment has been deposited and cleared. 3KEYS distributes owner funds in three ways:
- Direct deposit via ACH/PayLease.
- Mailing a check and monthly statement to the owner.
- Mailing the check to the owner’s bank.
Rent monies are dispersed to owners on the 10th of each month. Rent payments will only be distributed when the tenant's payment has cleared the 3KEYS account. You will be notified if the tenant is delinquent in their payment. 3KEYS does not make mortgage payments on the owner’s behalf.
End of Year Procedures
Owners must give 3KEYS their Social Security/Tax ID information so that by January 31st of each year, 3KEYS can file 1099’s for owners’ rental income over $600.
3KEYS also issues 1099’s for payments to vendors for work over $600.00. Therefore, owners do not have to issue 1099’s for work completed and paid through the 3KEYS account. Owners are responsible for issuing 1099’s to vendors paid through the owner’s personal account. Year-end statements will reflect total amounts for income received and expenses paid throughout the year, such as management fees, leasing fees, landscape, utilities, repairs and maintenance, etc. The amounts will not reflect any payments made through the owner’s personal account. 3KEYS does not issue statements to the owner’s tax preparers.
Billing Rights Summary
This is a summary of your rights under the Federal Fair Credit Billing Rights which governs all of our practices.
- If you think your statement is wrong, or if you need more information about a transaction, send an email to email@example.com, or send an inquiry to our postal address as soon as possible.
- We must hear from you no later than 60 days from the first bill about which you have a question.
- We can’t make changes to your account without something in writing from you.
- In your inquiry, please provide your name and the property address and a brief explanation of why you believe there is an error.