Property and accounting terms, in plain English.

An ACH payment is an electronic bank-to-bank transfer through the Automated Clearing House network, the US system behind direct deposit and online bill pay.

A late fee is a charge a tenant owes when rent isn't paid by the due date and any grace period, as set out in the lease and limited by state and local law.

Net operating income (NOI) is a rental property's income minus its operating expenses, before mortgage payments, depreciation and income taxes.

Normal wear and tear is the gradual deterioration of a rental from ordinary use, which a landlord generally can't deduct from a tenant's security deposit.

A notice of entry is the advance notice a landlord gives a tenant before entering a rented home for a non-emergency reason, such as a repair or an inspection.

An owner statement is the periodic report a property manager sends each owner, showing rent collected, expenses and fees paid, and the amount paid out.

Prorated rent is a partial month's rent charged when a tenancy starts or ends mid-month, based on the number of days the tenant has the home.

A rent roll is a list of every unit in a property or portfolio with its tenant, lease dates, monthly rent, deposit and current balance, as of a given date.

Depreciation lets a landlord deduct the cost of a rental building over its useful life; US residential rental property is generally depreciated over 27.5 years.

Schedule E (Form 1040) is the IRS form individuals use to report rental real estate income and expenses, along with royalties and partnership income.

A security deposit is money a tenant pays at move-in that the landlord holds against unpaid rent or damage beyond normal wear and tear.

A trust account is a bank account where a property manager holds money belonging to owners and tenants, such as rent and deposits, apart from its own funds.