Owner Payment Advice (OPA)

Owners will be sent an email advising them of funds that have been paid to them from Kolmeo, to show the owner what funds will be deposited into their bank account along with the payment reference. This will be referred to as an Owner Payment Advice or OPA. It is not a statement or a replacement for the end of month statement.

Not all agencies have decided to turn this feature on, please talk with your manager around what the agency default settings are.

What is an Owner Payment Advice?

An OPA is a straightforward way of letting your owners know what funds are due to be deposited into their account and the reference details that will appear on their bank statement. It will be beneficial for owners with more than one property or multiple tenancies as it will indicate what the funds are for.

What will it OPA look like?

What does the email look like?

The email will be sent with the subject line of Owner Payment Advice for [owner name] & [property address] with the advice as an attachment from the property manager.

When will it be sent?

The email will be generated and sent when the payment is initiated out of Kolmeo direct to the owners account. The funds will not appear straight away as there will be 3-5 business days for funds to be cleared into the owner's account.

If there are multiple owners who receives the email?

The OPA will be sent to the owner whose bank account the funds are being deposited into. If there are 2 owners, Harry Potter & Ginny Potter and only Harry is linked to the bank account then only the email address attached to Harry will receive the OPA.

If Harry is set up to received 40% of the income into his bank account and Ginny is to receive 60% of the income into her bank account, they will both receive an OPA for their portion of the funds.

What if my owner has no email address?

If there is no email against the owner profile, Kolmeo will generate, and a save the OPA. We highly suggest reaching out to your owner to obtain their email address.

Will a copy be saved in Kolmeo to see?

Once generated it will be saved against the Owner Profile under Documents only for the owner(s) that were sent the OPA.

What if my owner has no email address?

If there is no email against the owner profile, Kolmeo will generate and save as above, it just won't send it anywhere. Again if this is the case, we highly suggest reaching out to your owner to obtain their email address.

What if the trust account is set as the owner's bank account?

  • If the trust account has been added to the owner and the Trust Account = Yes, then Kolmeo will not generate an OPA.

  • If the trust account had been added to the owner and the Trust Account = No, then Kolmeo will generate and send the OPA.

The yes tag is what tells Kolmeo the account is a trust account and how to manage specific functions.

Why is it not showing expenses?

This is not a statement. It is simply to advise the owner how much money will be deposited into their account and the reference that will be displayed on their bank statement so they can see what the funds are for. Your owners will still receive their end of month statement the same as they do now.

What if my owner does not want to receive these?

No problem, you can turn it off from inside the owner profile by updating the Payment Advice setting to Do Not Send Payment Advice.

Open the owner profile/ edit/ scroll to Payment Advice and select required option.

Can we override the agency default for a specific owner?

Yes, you can, go to the owner profile and update their preference to Send Payment Advice.

Open the owner profile/ edit/ scroll to Payment Advice and select required option.

If there is more than 1 transaction in a day, will my owner get multiple OPA’s?

Yes, currently each single transaction made to an owner will generate and send 1 OPA. If your owner has 3 properties and the rent is paid on the same day that owner will get a payment advice for each individual payment made to them.

In the future this will be updated to allow for bulk actions, more details will be provided in the future.

BUG FIXES

Resolved: Payment advice where no owner email exists were not generating, when no email address we will generate the advice and save in owner documents.

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