During the first 10 days of each month, you can log in to your MySpareFoot account to review a statement of pending charges. The ten-day period during which 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 help. Ultimately, 100% of changes to your statement must be made in your online account.
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 that 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 RentPercent pricing article.
What's the point of reconciliation?
Reconciliation is your way of letting us know which customers did not move into your facility and how much to charge you each month.
When does the reconciliation period open and close?
The reconciliation period opens on the 1st and closes on the 10th day of each month. That's ten full days to reconcile.
How do I know when it's time for reconciliation?
We'll email you when your statement is available. This will always be on the first day of the month.
If you're logged into your MySpareFoot account, click Reconcile from the navigation menu. This tab will only be visible during the open statement period. |
You can also navigate to your open statement by clicking on the Statements tab and then Reconcile Statement. If you visit the Statements page outside of the reconciliation period, you will only see the Statement Archive and Billing History.
What if a client did not move in, or I believe I should not be charged the SpareFoot fee?
We understand some things can change between the reservation and expected move-in dates. While it is never our intention to charge you for a tenant who did not move in, each tenant's situation is different. We offer an opportunity on every month’s reconciliation to dispute a tenant move-in and mark them as Did Not Move In.
If your facility is integrated, additional evidence may be needed to review the dispute. Please contact support to submit additional documentation not visible in the integrated tenant record.
If your facility is not integrated (manual) and the customer’s permanent rent amount was reduced after move-in, please contact support to submit evidence of this permanent rent change, such as a screenshot of the tenant contract or record.
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, havebeen 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 support@sparefoot.com.
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 (due to incorrect statement reconciliation), 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, allow SpareFoot to send its facilities lots of reservations. This same business model, unfortunately, means we cannot be as lenient as we'd like when it comes to issuing credits for mis-reconciliation. We strive to be as accommodating as possible when evaluating credit requests (we're all human!) and will evaluate each request individually, including the account history of the request.