The Management Summary report gives you an overview of your facility’s revenue, occupancy, and leads all in one easy-to-read report. The Management Summary’s data populates a bit differently depending on whether your business uses cash or accrual accounting. Regardless of what accounting method you are using, the Management Summary will provide you with insight into the overall health of your business.
You’ll find the Management Summary on the Reports tab. You can run the Management Summary for any date you wish. The data that populates into the report will be for the day, the month-to-date, or year-to-date depending on the section of the report you are viewing.
Management Summary Sections
Management Summary data is grouped logically into sections, which include revenue, occupancy, rental activity, leads, and liabilities. The data at the top of your report is a more general summary of your facility’s data with details displayed in the sections below.
Your Revenue is the total of all general ledger account codes with a category of Income.
- If you are using cash accounting you’ll see this number increase as payments are taken and decrease as refunds are given.
- If you are using accrual accounting, you’ll see this number increase as invoices are created and decrease as credits are issued.
This section displays the total amount of payments, minus any refunds or payment reversals, for the current month to date and for the year to date. For a detailed list of receipts that make up this total, see the Payments by Type Detail report.
This section displays your facility’s current occupancy percentages by unit, square foot, and economic occupancy. For a detailed list of occupancy statistics, see the Occupancy report.
This section displays your net rentals for the current month to date and for the year to date. Your net rentals are calculated by taking the total number of move-ins and subtracting the total number of move-outs for the month to date and for the year to date. For a detailed list of rental activity, see the Move Ins / Outs / Transfers report.
This section displays your total number of leads for the current month to date and for the year to date.
This section takes the value presented in the Net Revenue box and breaks it down by the major revenue categories tracked in storEDGE (rent, fees, merchandise, services, insurance (full premium amount collected), miscellaneous). The totals here should match the totals for all income account codes listed in the General Ledger report. Note that Sales Tax and Security Deposits are not revenue (they are liabilities) and therefore will not be included in this revenue section. For more details on what transactions make up these revenue values, see the General Ledger report.
- For facilities using cash accounting: You’ll see this number increase as payments are taken and decrease as refunds are given. This section should match the Receipts by Charge type section as well. If it doesn't, first, run the Refunds report and look for a check refund. Cash, credit card, or ACH refunds will be posted directly to those Cash accounts, however, check refunds cannot be issued in storEDGE. If a check refund is requested in storEDGE, it will post the check refund amount to Accounts Payable and generate a general ledger transaction that reduces revenue but not receipts. If the Revenue section plus the total check refunds doesn’t match the Receipts by Charge Type section, additional research will be required. See the bottom of this article for more help with discrepancies. Additionally, sales tax and security deposits are liabilities, not revenue. Therefore, any amounts for those 2 items in the Receipts by Charge Type table must be deducted prior to comparing the Receipts by Charge Type totals to Revenue totals.
- For facilities using accrual accounting: You’ll see this number increase as invoices are created and decrease as credits are issued, therefore, this section may not match the Receipts by Charge Type section.
These totals are displayed for the current date, the current month to date, and the year to date.
This sections breaks down the value presented in the Receipts box by the payment types storEDGE offers. The totals here should match the totals for all cash asset account codes listed in the General Ledger report. For more details on what transactions make up these receipt values, see the General Ledger Detail report or the Payments by Type Detail report.
The Allowances section displays the single day, month-to-date, and year-to-date concessions that are given to tenants. It shows all discounts, fees waived, bad debt write offs, and credits issued at your facility. You can see more details on the Discounts report, the Fees Waived report, the Bad Debt Write-Offs report, and the Credits Issued report.
This section gives you an overview of how many of your current tenants are enrolled in your store’s insurance program. It displays the number of tenants enrolled, the number of tenants not enrolled, the total number of tenants, and the percentage of tenants who are enrolled in insurance. For a detailed list of tenants enrolled in insurance, see the Insured Tenants Roll.
This section gives you a detailed breakdown of your facility’s current unit status mix. You’ll see the total number and percentage of occupied units, vacant units, reserved units, complimentary units, and unrentable units. You’ll also see the square footage and percentage of total rentable space for each of these categories.
Complimentary units are units that are rented at a $0 monthly rent rate. To see a detailed list of these units, run the Rent Roll report and sort it by the Rent Rate column.
This table helps you understand how charging a rent rate higher or lower than the standard rate affects your business.
- Potential Revenue: the amount of revenue you would earn if all your units were rented at the standard rate
- Rent: the amount of revenue you are billing for your occupied units. This should match the total Rent column on the Rent Roll.
- Economic Occupancy: rent divided by the total potential rent
- Variance: the difference between your potential and actual revenue
For more detailed information on both Occupancy Statistics and Economic Occupancy, view the Occupancy report.
A quick snapshot of of move-ins, move-outs, transfers, and reservations for the current date, the current month to date, and the year to date are included in the Rental Activity section. For a detailed list of rental activity, see the Move Ins /Outs /Transfers report and the Lead Sources report.
Top Lead Sources
Your top five lead categories will be displayed in the Top Lead Sources section, starting with the category that gained the most leads. If you have more than five lead categories, the rest of the categories will be added together under Other in the table. For more detailed information on leads, check out the Lead Sources report.
Amount Due by Oldest Charge (Current Tenants)
This section gives you an overview of delinquency at your facility by displaying how many units are on the path to auction and how much revenue your facility could potentially lose if units are auctioned. What you should know about this section is:
- This table excludes tenants who have moved out but still owe you money.
- This table excludes tenants who only owe you fees or insurance. Tenants must owe rent in order to be included in this table.
- This table groups charges into time buckets based on the age of the oldest charge rather than the age of each individual charge.
Example 1: Unit 106 owes a $10 late fee but owes no rent. Unit 106 will not be included in the table.
Example 2: Today is the 12th of the month. Unit 145 owes $50 in rent from the 1st of the month plus $10 in fees from the 5th of the month. Unit 145 will be included in the second row of the table (days 11-30).
Example 3: Unit 220 is billed $60/month in rent and owes 3 months in rent plus $45 in fees. Since the oldest rent charge is from 3 months ago, the entire $180 in rent and $45 in fees will be grouped into the 91-120 days aging bucket.
For more detailed information about delinquency at your facility, see the Delinquency Stages report. For a complete list of all past due balances for all tenants, see the Aging report.
Receipts by Charge Type
This section gives you a breakdown of payments based on what customers paid for.
- Rent Receipts: This section shows totals for each type of rental revenue your facility has earned. You’ll see totals for each rental category at your facility.
- Fee Receipts: This section displays totals for each type of fee (such as NSF, late fees, chargeback fees) that you’ve charged at your facility.
- Retail Receipts: This section displays receipt totals for your facility’s retail categories.
- Other Receipts: This section displays totals for all other revenue categories, including insurance, services, tax, security deposits, and any other charge type not included in other categories.
Liability Balances as of current date
This section displays the current balances of your liability accounts including Prepaid Rent, Prepaid Insurance, Prepaid Services, and Security Deposits.
For facilities with advanced accounting settings, this section will display any retained rent revenue or retained security deposits that occur when a tenant moves out and their prepaid rent or security deposit is not refunded to them. For most facilities, this section will be blank.
1. Find the first date the totals match. For example, if the 30th of the month is off $20, you can access the report for the 15th and see if there is still a discrepancy. If so, continue to pull the report until the totals match. Then go forward one day to the first day the difference occurs.
2. Once you have identified the date the difference occured, access the General Ledger detail report from your Reports setting for the same date (date the difference occured)
3. Download the excel file. Filter the spreadsheet by the revenue account showing the difference (ex. Rent Revenue, Insurance Revenue, etc.).
4. Once there, you can locate the tenant causing the discrepancy and research their ledger to see what caused it.
If you need assistance, please email firstname.lastname@example.org with your findings for further investigation.