Paying Yourself Property Management Fees

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) in one easy payment.  

How To Create a Management or Manager Payment

In your Rentec Direct account:

1. Click Banking 
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 be displayed in the left column.
5. Click Next 
   
   

   

6. Using the dropdown, select the Payment Type
7. Enter the Check Number and Ref # fields as necessary
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.
9. The Memo field will default to Management Fees 
10. Select the Category for the payment
11. Click Post Expense 

Note: Most property managers will choose Check or Print Check. If you use the Print Check option in Step 6, the system will auto-populate the check number for you.   

System Advice: The category will default to '0000 Uncategorized' so it is important to change this category before proceeding. 

1. Data-Entry Precautions
   1. Do NOT specify a Property for this transaction, leave it blank.
   2. Do NOT modify the Amount value.

Management Fees - What If I Need to Change Something? 

You can undo this transaction at any time by visiting the Bank account ledger and deleting the transaction. From there, you can correct any errors or make changes to individual management fee transactions on Property ledgers as needed. When ready, start over with Step1 above.  

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 Banking
2. Click on the balance of the Bank account to enter the ledger where the expense was posted
3. Click the Paper/Pencil icon to edit
4. On the Edit Transaction page click the View Report button to see all the individual transactions included in the transaction 
5. In the upper right corner, there is an option to print, save, or email the report

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 Settings
2. Under People, click 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