Automated Management Fees
To keep track of management fees, and for better reporting, we recommend utilizing the default category #6100 for management fees. If you want to add in multiple Management Fee categories for tracking multiple managers and or you wish to track placement fees, you will want to create a new expense category. To do this, click the Settings tab, then click Income & Expense Categories. Add one new category for 'Placement Fees' and/or the alternate "Management Fee" category. Enter the type as 'Expense' and class as ‘Management Fees’.
Now Click the Properties tab, right click on the property you want to set management fees for, and choose 'Management Fees'.
Enter the management fees per your policies. First, select the category you want the fees to post to. Second, select the checkboxes to mark which fees you want to automatically apply to this property. Third, enter the fee amounts.
If your management fee structure is based on charged rent, the fee structure will need to be in place prior to moving in any tenants or the management fee will not calculate properly for the first tenant rent charges. If your management fee structure is based on a percentage of rent payments, you will need to have the fee in place prior to posting any rent payments or the management fee will not post.