During the first ten days of each month, we give you the opportunity to log in to your MySpareFoot account and review a statement of pending charges. The ten day period where your statement is available to you is called the "reconciliation period."
Your statement includes all individuals that we believe paid you rent in the previous month. If this is not the case (i.e., a person did not pay or did not move in), these changes must be made to your online statement during the reconciliation period.
Can I reconcile my statement by calling or emailing SpareFoot?
No. Though you're welcome to contact us if you have any questions or need some help, ultimately 100% of changes to your statement need to be done by you in your account online.
Who reconciles statements for my facility?
That varies by account and depends on how the account was set up. Each account has at least one administrator and by default, administrators have access to reconcile statements. Administrators can also designate other users on the account to have statement access. Our platform is super flexible, which means you can configure whatever works for you.
How do I reconcile my open statement?
Great question! Our Help Center is here to serve as a resource for you! We have several articles which take you step by step through the reconciliation process. Please be sure to follow the steps for your account's pricing model:
- If you pay one flat fee per tenant move-in, regardless of the tenant’s length of stay, view our OneTime pricing article.
- If you pay a recurring monthly fee based on the percentage of the rent collected for each confirmed move-in throughout the tenant’s length of stay, view our Statement Sections for RentPercent pricing.
If you'd like to take a deeper dive into our billing, statements and reconciliation processes, feel free to browse our complete list of Help Center articles related to billing, statements and reconciliation.
What's the point of reconciliation?
SpareFoot is pay-for-performance, meaning that you're only charged for customers we send your way who move in AND pay you rent! Reconciliation is your way of letting us know how much to charge.
When does the reconciliation period open and close?
The reconciliation period opens on the first and closes on the tenth day of each month. That's ten full days to reconcile.
How do I know when it's reconciliation time?
We'll send you an email to let you know when your statement is available. This will always be on the first day of the month.
Also, if you're logged into your MySpareFoot account and you click "Statements" on the left, you'll see an OPEN STATEMENT when statements are available. You'll see the Reconciliation Deadline as well as a blue "Reconcile Statement" button which allows you to access your statement.
Is the reconciliation deadline strict?
Yes. Our internal system works in batches and all pending charges are added to a batch on the first day of the month. That's what creates your statement and allows charges to be edited. Once we close a batch (on the last day of reconciliation), that means that all charges, for all facilities, have finalized. There's absolutely no way for us to delay billing or extend reconciliation for one client. It's very, very important that you ensure that your statement is reconciled on time each month!
What can I do if I forgot to reconcile?
If you missed the reconciliation period or mis-reconciled your statement and have been charged for tenants who did not move into your facility, we may be able to issue a credit to be applied against future charges. You can request a credit by reaching out to our Support team at firstname.lastname@example.org.
IMPORTANT: We are only able to issue a very limited number of credit exceptions for failure to reconcile a statement in time. Why isn't SpareFoot more flexible about this?
SpareFoot operates a network of 50+ partners and we are obligated to pay our partner sites for all move-ins they generate. That means that when reservations are accidentally confirmed as move-ins (by failure to correctly reconcile a statement), SpareFoot pays a partner for generating a successful move-in. Therefore, when we issue credits - like this one - they represent a significant loss to SpareFoot. Our business model and network of partners, fortunately, allows SpareFoot to send its facilities lots of reservations. This same business model, unfortunately, means that we cannot be as lenient as we'd like to be when it comes to issuing credits for mis-reconciliation. We strive to be as accommodating as possible in evaluating credit requests (we're all human!) and will evaluate each request individually, including account history of credit requests.