Year to date | January – September 2026 · QuickBooks Online
Accrual basis
Total Income
$394,031
Management, accounting and leasing fees
Gross Margin
$172,835
Income after all payroll
Non-Payroll Expenses
$104,462
Everything else it costs to operate
Net Operating Income
$68,373
Gross margin less those expenses
Net Cash Flow
−$192,637
After owner draws and contributions
Payroll
Property Payroll by GL Account
Property payroll accounts month by month. Includes the 1099 contractors working on the properties. GL 50110/50115 (Paul and Grant), the outsourced accounting fee and the January contractor project are in the table below. A dash means nothing posted that month.
Corporate Payroll — Paul and Grant
Why this sits on its own. Paul and Grant are each paid $1,875 a pay period — $7,500 a month combined, $8,122 with employer taxes. None of the costs in this table are billed to the properties, so none of them are covered by the labor reimbursement: officer pay, the outsourced accounting fee and the January contractor project are all Coves costs, $136,085 year to date. They still draw on the same shared services account as property payroll, so they are a real call on the same cash.
Monthly Results
Revenue and Operating Expenses by Month
Accrual basis. Operating expenses are net of the property labor reimbursement and exclude owner draws.
September is the first month since February where the two lines separate properly. Income of $57,928 is the strongest month of the year, and operating expenses of $35,492 are the lowest since February — a gap of $22,436. July and August both ran expenses within $4,000 of income. September's drop came from marketing falling to $970 against a $5,500 average in July and August, and from the end of the $13,000 a month maintenance labor arrangement that had run since March.
Net Cash Flow by Month
What the business actually kept, after other income, interest and the net amount Paul and Grant took out — draws less anything they put back in.
Owner draws are what turn the year negative. Net operating income across nine months is $68,373 — operations are profitable, and September alone contributed $22,435 of it. Subtracting the $268,591 Paul and Grant took out on a net basis, recorded in GL 58000 and GL 58050, takes the bottom line to −$192,637. September's own draw was $30,000 against $22,435 of operating income.
Operating Summary
Income, Payroll and What's Left
Accounts Receivable Aging
As of September 30, 2026. Accrual basis. A/R is a point-in-time balance, so this section does not change with the period selector.
Property
Current
1–30
31–60
61–90
91+
Total
Total
$8,382.09
$1,636.21
$1,662.03
$210.94
$2,823.77
$14,715.04
A/R came down by a third over the month — $14,715 outstanding at September 30 against $21,017 at August 31. 43% is past due, and the 91+ bucket is $2,824, of which Legacy Apartments is $2,409. The two negative 91+ figures at The Willow and Riverstone are the June tech fee credit memos, still unapplied.
Action Items
Open Items
Raised during the September 2026 close.
Workers' compensation has been brought back to Coves and settled. Next Insurance had been drafting from Legacy's operating account since May. May through September has been accrued to GL 50350 — $2,911.16 — and paid back to Legacy on October 15, so both sets of books now agree.
2026 tax preparation of $5,772 was paid personally by Paul. It is accrued at September 30 to GL 55200 against accrued expenses. The two October transfers that repay it have not reached QuickBooks yet, so the accrual stays open until the bank feed catches up.
Raised by 20 Mile Consulting · October 2026
Executive Summary
Year to date, January – September 2026
1Operations are profitable. The distributions are what create the loss. Nine months of fee income at $394,031 less all payroll leaves $172,835, and everything else it costs to run the business came to $104,462 — so operations landed at $68,373. Paul and Grant moved $339,324 of cash out over the same nine months and put $29,898 back; net of the June W2 true-up credited to the same capital accounts, $268,591 is recorded as an expense in GL 58000 and GL 58050 rather than buried in equity. That takes the bottom line to −$192,637. The operating business is paying for itself; the draws are what it cannot cover.
2September was the strongest month of the year. Income of $57,928 against operating expenses of $35,492 produced $22,435 of operating income — a third of the entire year's operating income in one month. Management fees reached $48,934, marketing dropped to $970, and the $13,000 a month maintenance labor arrangement that had run since March ended.
3The labor budget still has not been reset. The amount the properties are billed has sat at roughly $43,800 a month since June while property payroll ran $466,461 against $381,350 reimbursed. $85,111 of property labor was paid by corporate rather than by the properties — about $9,500 a month on average, and $17,500 in each of July and August.