Payments and reconciling

We have trouble reconciling our accounting each month when payments are lumped together. Also when overtime is added separately it is not reflected in the completed booking total. This makes it hard to match overtime to the booking. The only way to do it now is by sifting through messages to find the overtime. Could the overtime money be added to the booking total once it comes in?

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Hi Oktay,

Keep in mind the day you turn in your overtime may be later than the day they schedule the payment for the initial booking. I think Peerspace is working on getting the payment system to be a bit friendlier for the hosts.

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Hi Oktay,

I too have trouble reconcilling payments with overtime and overages. I’m open to brainstorming what might work better. I think it might be cool to have a payment page on the host side of the platform.

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Thank you for the feed back

I have been using Peerspace as my “agent” for my Video Soundstage and Meeting Event Space in San Francisco since its launch. Hosting my first PS event on April 26, 2014 with another 150+ PS rentals following since that time. Having experience with this many jobs plus twelve years of my own direct client rentals I can tell you that the accounting, actualization and reconciliation support provided by PS Accounts Payable needs to be improved.

A few things that could help include:

    • Job Numbers

Job numbers should follow a specific rental from inquiry through to the final bank deposit. This would permit hosts to see deposits (online or via bank statements) attributed to specific jobs; as well as assist hosts with communications (such as needing to follow up with job specific issues, requests, questions, etc.).

Also, this could help hosts track jobs and find jobs in the PS system rather than having to scroll through page after page of completed rentals when needing to refer back to a job that happened a year before (i.e. when the client wants to book again and the host needs to reference the old job to refresh project scope details).

It really is unprofessional to refer to a job only as Brittany K. from start to finish in our bookkeeping systems. Sometimes the Guest does not have a company affiliation or last name, or event name, or anything more established attached to the rental. A Job number would help fix this.

Sometimes clients will start an Inquiry and then create a second account to continue the Inquiry because for whatever reason cannot find their original account credentials or whatever. Then the client starts communicating with hosts using BOTH accounts over the course of communicating Booking details. With a unique account number attached, everyone can see fairly early on that there are two different communications streams going on and request PS to correct the issue before a job actually Books. There is nothing worse than finding out downstream that the client has two accounts and that this is the reason some information is missing or wires have been crossed.

Sometimes, there are two different accounts with two different Guest names for the same rental job. This happens because Guests want to handoff the Booking duties to another person in the company and the PS system still doesn’t play well with multiple participants on the same job. Again, if there was a job number to refer to, maybe the two accounts could be combine or at least the Hosts can make note of the two job numbers as being for the same rental.

    • One Job, One Payment (aka Don’t combine different Job Monies unless you are attributing those monies to specific job numbers.)

I host multiple rentals per week and regularly have several ‘Add-Ons’ such as Overtime, Third Party Vendor Services, In-house Services (Reserved Parking, Beverage Services, Additional Equipment, etc.) as well as occasionally In-house Staff (when clients need an extra set of hands); not to mention the per rental day Cleaning Fee and the occasional damage reimbursement.

Unfortunately, PS Accounts Payable remunerates each of these amounts at different times and then combines the payments WITH OTHER JOBS! For those of us who are hosting lots of jobs, this creates a total accounting mess. If PS cannot keep all the payments from one specific job conjoined for the deposit, then at the very least, I would much rather have 8-10 separate little payments each week for the exact amount of that exact little piece of the job; rather than two big “Mash-ups” twice a week pointing in a dozen directions and crossing over several jobs. Please fix this PS!!

    • Change the 72-hour time limit for ‘Add-On’ payment submissions

72-hours is not enough time for Hosts to submit ‘Add-On’ payment requests. Damages can take several days to get quotes and take even longer to schedule and execute the repair. Also, more time is needed to sort through the accounting “Mash-ups” which creates a lag in getting other accounting duties completed; and sometimes things just fall through the cracks and Hosts need more time to realize the oversight in order to make the request.

    • Payment Initiation Notices

If Peerspace is going to email me four (4) or five (5) or ten (10) different Host Payment Initiation Notices in the week (one for the Booking, one for the Overtime, one for the Host Services [in my case Reserved Parking] and one for the Cleaning Fee, or Damage, etc.) then I expect to see four (4) or five (5) or ten (10) separate deposits in my account (not two Mash-ups). Please fix this PS!!

Yes, I get that Peerspace is a startup, but there are some very basic expectations in the business world and now that PS is growing up maybe they need to focus on fixing the basics.

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Any update on this? We have numerous issues with Peerspace payments and reconciling them with our books. We’ve found several bookings that were never paid out by Peerspace, and other payments lumped together for multiple bookings making reconciliation a nightmare. The more bookings you have the more difficult it gets. Payments have no identification to the related bookings, so it becomes a matchmaking game.

  1. We are all struggling with Peerspace reconciliation, but at the end of the day, I am able to work it out. It takes longer than expected but after speaking to the representatives they assure me they are working on it. I assume they waste 30% of their day speaking/emailing us about payment issues. Just keep your eye on the ball you will be fine. They respond very quickly in regards to these concerns.

  2. I feel like the current system they have is easy and wonderful to use. If they want to change it will only perfect the interface for the guest and us. Overall, it gets the job done!

  3. It is your responsibility to go to the location and test everything and make sure everything is ready for the next guest. Are you not getting bookings within the next 72 hours of your bookings? 10-20 minute walkthrough will fix that issue.

  4. Some clients/hosts just don’t follow rules. I think Peerspace is trying to work these things out but it is the hosts responsibilty to accept/decline the guest. There will always be the clients who will book with the intention of lieing to the host.

    • You’ve completely missed the point, Eli. The 72-hour time limit for submission of ADD-ONs does not provide enough time for Hosts with fully booked venues to make a submission of RECEIPTS for damage nor actualize ADD-ON services. At the time I posted the suggestion above, the original PS policy stated that we needed to SUBMIT RECEIPTS within 72-hours of the end of the Rental. PS has since changed that line in their policy to a 72-hour NOTIFICATION to address this issue. Thank you, PS.
    • I am always onsite managing every job—hands-on from start to finish. So I don’t need you to tell me what my responsibilities are. Thank you.

Clearly, your advice has been provided without completely thinking it through, Eli. 10-20 mins. maybe works for an empty ‘dry stage’, but full-service, turn-key and always booked stages, studios and event venues definitely need more than a “walk-through” to fix Guest created issues, broken equipment, and damage.

I am only suggesting to assist you, I have a fully booked studio as well. When I rent equipment to the guest I will use the equipment and make sure it is in working order before they leave. They usually understand.
:slight_smile:

First time host and have yet to receive payout for event I hosted almost to weeks ago. Reading all this makes me uncomfortable about Peerspace’s payment policies. One Gal even said she was never paid for an event she hosted and had to follow up with Peerspace months later.

It would at least be great if the Peerspace website had a way of seeing what’s been paid out and what hasn’t. Hosts are paying enough to Peerspace, (approx. 20%), to at least expect something like this so we don’t have to go searching our bank records to make sure we’ve been paid out.

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Hi @Brent_F,

This sounds account specific. Generally, payouts will go out 3 days after the booking has completed and it can take your bank anywhere from 3-7 business days to deposit the funds. I can take a look at this for you. Can you DM me the email on your Peerspace account or send an email to help@peerspace.com and put Attention Lawrence in the Subject line?

Warmly,

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Honestly, Peerspace should take a page from AirBnB’s playbook…in working with that site for the past six years, they are very quick with payments, usually one to two business days after a person moves in. I hosted an event two days ago and have not gotten any notice of payment…waiting three days after an event to get notice that payment is coming in another 5-7 business days is not the way to treat hosts. If AirBnB can figure out, please find a way. At least if I could see the payment was processing in a future transactions page, that would help. For those of us renting for filming, it is the industry standard that location payments are made usually the day before a film crew comes in. I know that may not be possible with Peerspace, but waiting a week for payment, after an event, seems waaay too long.

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I agree 100% , this site for hosts is very clunky cant even find a phone number.