Pay Owner Disbursements (owner distributions)
As a property manager, you manage properties on behalf of owners. Paying those owners the proceeds from these properties is easy with Rentec Direct's owner payment wizard.
- First, set the payment preferences for each owner. This is done within the Accounts tab. Right-click on the owner(s) and choose Edit. Scroll to the Payment Info section and complete the payment preferences for this owner. It should look like this when filled in...
If you pay this owner by check, you will select either Check or Print Check. Check is the option to use if you handwrite or print your own checks using different software. Print Check is the option to select if you use Rentec Direct to directly print checks from the software
If you are set up for ACH, you can automatically ACH the funds to the owner's bank account. To do this, select the ACH Checking option. Enter your ACH enabled account that you want the funds to come from in the "From account".
Note: If you are unable to select ACH Checking as the Payment Method, you will need to go to the Settings tab and select Setup EasyPay and choose a Default Incoming Account and a Default Outgoing Account.
Next, fill in your owner's bank routing and account numbers below (you get these from a voided check they can supply you). If you are not set up for ACH, learn more about that here.
Do this for each owner you want to disburse funds to using the wizard.
- Now go to the Account tab again, and from here you can pay all owners by clicking the "Pay All Owners" button on the left column. You can also selectively pay owners one at a time by right-clicking on the owner and choose "Pay Owner". Or you can pay all owners associated with a specific from bank account by right-clicking on the bank account and choosing "Pay Owners" there.
- You will now be presented with all owners configured for payments. It will look something like this:
From here, you select the owner(s) you want to pay and it will increase the "Total Payments" value on the bottom. The default method of payment will already be selected, but you can modify that here. You can also modify the total owed for any property by expanding the property list (blue arrow), and modifying the amount on the far right column (highlighted in yellow here).
- Once you have confirmed the amounts and payment methods, you can either "Save Draft" to come back and complete it later, or "Submit Payments". All Print Check and Check payments will post to the applicable Account within 30 seconds. All ACH payments will be processed within the following 60 seconds and be transmitted to the owners and entered as such on the property, bank account, and owner ledgers.
- To review payments made via this method, visit reports, and open up the "Owner Payments Wizard" report. It will indicate all payments made to owners based on your date selection.