Paying Yourself Property Management Fees (Legacy)

This help article contains instructions for the Legacy Version of Rentec Direct. More information about the latest version of Rentec Direct can be found here: The Remodel | Rentec Direct’s Newest Software Update

Rentec Direct property management software helps you combine your property management fees for multiple properties and create a payment to yourself or your property manager(s).  

How To Create a Management or Manager Payment

In your Rentec Direct account:

  1. Click on the Accounts tab.
  2. Right-click on the Bank account you want to pay yourself (or your manager) from, and choose Pay Property Mgr.
  3. Specify a Date Range if the default is not what you desire. 

    Note: The Pay Property Manager tool helps you keep track of what has already been paid out by graying out the items that were associated with a previous payout. 
  4. Select the management fees you wish to include in this payment. The total of the selections will automatically display in the left column.
  5. Click on Next to proceed.
  6. Modify the Expense TypeMost property managers will choose 'Check' or 'Print Check'. 
  7. Enter the Check/Reference Number (Ref No) as necessary.

    Note: If you use the Print Check option in Step 6, the system will auto-populate the check/reference number for you.   
  8. Your property management company will be automatically selected as the default payee that the payment is assigned to. If you are paying a property manager, change the Payee to that manager. If you have not already set up that manager instructions are below. 
    1. Instructions for adding your property manager(s) can be found here: Add Property Manager
    2. Instructions for setting up managers in the software can be found here: Paying Out Separate Management Fees
  9. The Memo field is auto-set to Management Fees. 
  10. Set a proper Category such as 'Management fees' for your payment of a category you've created in Step 6b.

    System Advice: The category will default to '0000 Uncategorized' so it is important to change this category before proceeding. 
  11. Data-Entry Precautions
    1. Do NOT specify a Property for this transaction, leave it blank.
    2. Do NOT modify the Amount value.
  12. Click on the Post Expense button to save. 

Management Fees - What If I Need to Change Something? 

You can undo this transaction at any time by visiting the account ledger, edit the transaction, and delete it.  You can then start over with Step above to correct any errors or make any changes. 

Instructions to delete a transaction can be found here: Edit, Correct, or Delete Transactions

How Can I Tell What Property-Based Management Fees are Associated With Each Payment? 

Each management fee payment has a corresponding report available to view.

In your Rentec Direct account: 

  1. Click on the Accounts tab.
  2. Enter the Account ledger where the expense was posted.
  3. Click the Paper/Pencil icon. 
  4. On the Edit Transaction screen on the right-side column you will see this sentence, 'This transaction is part of a PM Payment. [ view report ].'
  5. Click on View Report to see all the affiliated property transactions.

Can I Default the Category for the Payment to Something Else? 

Yes, the software allows you to easily change the default category at any time. 

In your Rentec Direct account: 

  1. Click on the Settings tab.
  2. Click on Manage Vendors & Payees.
  3. Click the Paper/Pencil icon to edit your property management account vendor (should be named the same as you have in the contact information) and/or your property manager vendors.  
  4. Modify the default Category in the right-hand column to what you wish the default to be.
  5. Click the Save Changes button. 
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