Property Manager | Paying Out Convenience Fees and Late Fees
The system was built on transparency so all income will first be posted on a property. However, below are suggestions on how to pay out collected fees (such as late fees, application fees, and credit card fees) to the property management.
Create an Expense Category
Before you begin, we suggest creating an expense category with a management fee class for this action so this item will show up later to pay out with ALL of your property management fees.
In your Rentec Direct account:
- Click Settings.
- From the Financial Settings choose Income & Expense Categories.
- Click the Add Category button.
- Enter the following:
- Description: Enter a description such as Late Fee Expense or Application Fee Expense, or Credit Card Fee Expense)
- Type: Expense (this is set to Expense as it will be a debit/expense from the Property)
- Class: Management Fees -- this class triggers the system to list this item on the Pay Manager tool.
- Reference #: Enter your own reference number or allow the system to Autofill.
- Leave the Schedule E Item default set: No
- Click the Post New Category button.
Post a Management Fee Expense to the Property
- Click Properties.
- Chose the Property and click Post Expense.
- Enter the Amount.
- Leave the Bank and Tenant as None
- Choose the Expense Category you created for this type of transaction.
- Click Post Expense.
Pro Tip: Be sure to set your expense account per property so your management fees show up correctly on the proper bank account for payout.