Which document is considered the most important operating record for a property manager?

The monthly report on cash flow is vital for a property manager as it provides an overview of the property's financial performance. It details the income generated from rental payments, as well as the expenses incurred, allowing the property manager to assess the property's profitability over time. This document enables effective financial planning and budgeting, ensuring that the property manager can make informed decisions regarding maintenance, improvements, and potential investment opportunities.

In the context of property management, understanding cash flow is essential for maintaining the property's financial health, meeting any financial obligations, and ultimately maximizing returns for the property owner. While lease agreements, contractor invoices, and maintenance schedules are all important operational documents, they contribute to the overall operation rather than serve as direct indicators of financial viability. Thus, the monthly report on cash flow stands out as the key operating record for effective property management.