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).  

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 display in the left column.
5. Click on Next to proceed.
   
   

   

6. Modify the Payment Type. Most property managers will choose Check or Print Check. 
7. Enter the Check Number and Ref # fields as necessary.
   
   Note: If you use the Print Check option in Step 6, the system will auto-populate the check 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 for your payment. You may wish to create a specific category to track the management fees you are paid. Instructions for creating categories can be found here: Setting up Categories | Chart of Accounts
    
    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 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. Enter the Bank ledger where the expense was posted.
3. Click the Paper/Pencil icon. 
4. On the Edit Transaction page click the View Report button to see all the affiliated property transactions. From here you will be able to print, save, or email this 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.