1. Check the property and reporting period
Start with the property reference, currency, start and end dates, and the date the report was prepared. If you own several flats, review each property before looking at a combined total. A payment received just after the cut-off should not silently appear as cash received before it.
If the statement carries an opening balance, compare it with the previous closing balance and request an explanation for any correction. A carried balance is a check on the example below, not a newly promised field in StayIstanbul’s published monthly PDF. Do not replace an earlier figure without recording why.
Keep the original and any corrected version together. Note the correction date and changed line so that an earlier payment or transfer instruction is not mistaken for the current one.
2. Separate rent due from rent actually received
Ask to see the rental period, amount due, collection date and payment reference as separate fields. A rent amount appearing on a schedule does not prove that money reached the relevant account. Likewise, a receipt during this month may relate to an earlier period.
If a payment is partial, the unpaid amount should remain identifiable. If money covers a future period, the description should say so. Avoid comparing only this month’s due amount with this month’s bank receipts when the periods do not match. First establish whether the report shows cash movements, a payment schedule or both.
For an existing tenancy taken over by a new manager, agree the opening rent position first. Ask for the lease, payment history, deposit record and any unresolved balances before accepting the opening figures. Do not assume a new manager’s first report resolves every earlier payment disagreement.
3. Read each expense as a short evidence trail
An approved expense should be identifiable separately from the service fee and VAT. Ask what was done, which property it concerns, when it was paid and which invoice supports it; match work that needed your approval to the agreed scope and approval. Rent Collection includes the monthly statement, but does not include maintenance coordination. Under Hand Over the Keys, repair coordination is in scope; the contractor’s bill is still a separate property expense. For Just the Tenant, you keep the monthly expense and payment record yourself.
| Statement item | What to check | Supporting record |
|---|---|---|
| Rent received | Amount, date and rental period | Payment reference or relevant bank record |
| Contractor payment | Completed or agreed work and payment stage | Invoice, work record and applicable approval |
| Service fee and VAT | Separate amounts, agreed fee basis and period | Signed service terms and invoice |
| Owner payment or transfer | Compare the amount due with any payment actually made; check date and destination | Relevant bank or transfer confirmation |
| Closing balance | Reason money remains and next action | Reconciled balance explanation |
A quotation, an invoice and a completed payment are different records. Do not subtract an unpaid invoice as cash already paid. Separate a contractor’s bill from the management service fee, and check any charge against the agreed package and written authority. An international transfer and multilingual statement are specific to Hand Over the Keys; this checklist does not add them to Rent Collection. Check that the same expense is not counted twice.
4. Follow this illustrative calculation
This is an invented ongoing month after setup under Hand Over the Keys: written collection authority, an approved repair, and no one-time charge or deposit movement during the illustrated month. The rent, repair and opening balance are hypothetical, not a client account, market-rent estimate, reserve recommendation or promised statement template. The management fee uses the published 12% of rent collected for this package: 12% of the invented 30,000 TRY receipt is 3,600 TRY, plus VAT. Let V be the VAT amount shown separately on the actual service invoice; this guide assumes no VAT rate or amount. Check the signed terms and invoice for your own account. The example uses one currency and no foreign exchange. Just the Tenant leaves the monthly record with the owner; Rent Collection does not include repair coordination.
| Cash movement | Amount (TRY) |
|---|---|
| Opening balance carried forward | 2,000 |
| Rent received during the period | +30,000 |
| Repair invoice paid, illustrative | −1,200 |
| Management fee on collected rent, 12% × 30,000 | −3,600 |
| VAT on service invoice, amount to verify | −V |
| Owner transfer, after invoice VAT is known | −(25,200 − V) |
| Closing balance carried forward | 2,000 |
The period net after the repair, management fee and invoice VAT is 30,000 − 1,200 − 3,600 − V = 25,200 − V TRY. The opening 2,000 TRY belongs to an earlier period, so it is not part of that period net. If the agreed instruction is to carry that opening amount and transfer the current period net, the check is 2,000 + 30,000 − 1,200 − 3,600 − V − (25,200 − V) = 2,000 TRY closing. Enter the invoice’s actual VAT amount for V before checking a real transfer; the formula does not permit holding money without agreement. The net figure and a bank transfer may also have different dates.
Period net, the amount actually transferred and a balance carried from a previous period have different roles. Here the transfer equals the period net only under the stated instruction; the carried 2,000 TRY stays separate. None alone is taxable income or investment return. A real statement should separately show rent collected, service fee, VAT, approved expenses and net amount; check any carry-forward and actual bank payment against their supporting records.
5. Investigate differences without guessing
If a payment actually arrives for a different amount than the statement’s net figure, check dates, currency and the agreed payment instructions. Ask for the confirmation and itemised bank charges where relevant. An international wire and its document preparation are part of Hand Over the Keys, not Rent Collection; do not infer a currency rate or fee from a difference alone.
If a cost is unclear, identify the exact line and ask for its supporting record. If the arithmetic is wrong, request a corrected statement with a version date. If money arrived late, ask which reporting period contains the actual receipt. These are different problems and should not be combined into an unexplained adjustment.
Keep deposits, unresolved balances, owner-funded works and money allocated for later payments distinguishable from rental receipts in your own reconciliation. Ask how an item is recorded before treating it as rent or an approved expense; this guide does not decide its contractual or legal treatment.
Your five-minute review checklist
- Confirm the property, reporting period and currency.
- If an opening balance is carried, match it to the previous closing balance.
- Match rent receipts to the periods they cover; check the net amount separately from any actual transfer.
- Check expenses against documents and required approvals.
- Recalculate the closing balance and check the owner transfer.
- List unresolved items, who will answer and the next review date.
Compare Istanbul property management packages before asking for a monthly report: Just the Tenant leaves it with you, Rent Collection includes the monthly statement, and Hand Over the Keys adds repair coordination and international-wire support. Use the property manager selection checklist to agree the fee basis, spending authority and supporting records. Ask which line is unclear, what evidence would resolve it and who will respond.