Property Manager- Paying Out Convenience Fees/Late Fees
Suggestions on how to pay out fees such as:late fees, application fees, credit card fees
Property managers who retain fees will need to post an expense on the property IF they retain the fees.
Tenant pays rent late so you receive rent + late fees. We suggest posting late fee income separate from rental income.
Both income would now show on property it would look like this:
Now post your expense. We suggest creating an expense category for this action. You may also use the class "management fees" so this item will show up later to pay out with ALL of your property management fees.
Create an expense category:
Post the expense on property to pay out later with management fees would look like this:
When you go to the Pay Property Manager Screen you will now see your management fees, late fees and any other convenience fees you choose to pay out with management fees. **** set your expense account per property in the property tab>edit property so you management fees show up correctly on the proper bank account for payout****
You may pay out these items as single checks/single expenses on the property tab if you do NOT want to pay them out in one lump sum.