Property management platform
Keystead gave 41,000 properties their own account.
How a property management platform turned rent, deposits, and owner payouts into per-property balances its customers can audit.
- Headquarters
- Philadelphia
- Property managers
- 3,400
- Markets
- United States, United Kingdom
- Rails
- ACH, RTP, Faster Payments
- rent collected a year
- $1.9B
- property accounts
- 41,000
- owner payouts, down from six days
- Same day
The problem
Every property manager kept a second set of books.
Keystead’s software runs leasing, maintenance, and accounting for 3,400 property managers. Rent and deposits, though, sat in pooled bank accounts that only the bank could see in full.
Managers exported statements every month to prove which deposit belonged to which tenant. Owner payouts waited until that work was done, often a week into the month.
How they use Ledgerline
Embedded accounts, one per property.
Each property now has its own Ledgerline account, with tenant deposits held in safeguarded sub-accounts. Rent arrives by ACH or Faster Payments and is posted to the right ledger before the tenant’s receipt is sent.
- 01
Deposits kept apart
Security deposits live in their own sub-accounts and are never mixed with operating funds.
- 02
Owner payouts on the 1st
Owner distributions go out the morning the month closes, by RTP where the owner’s bank supports it.
- 03
Statements from the ledger
Trust accounting reports are generated from ledger entries, not assembled from bank exports.
14 Larch Street · Property account
Operating $48,212.60 · Deposits $36,400.00
- Rent · ACH+$2,150.002ABalance: $48,212.60
- Rent · ACH+$1,980.003CBalance: $46,062.60
- Rent · RTP+$2,400.001BBalance: $44,082.60
- Plumbing repair−$640.002ABalance: $41,682.60
- Owner payout · RTP−$31,500.00—Balance: $42,322.60
Every property has its own balance now, so trust accounting is a report, not a project.