How to Add New Management Fee for an Existing Property?

    • Tanvir Mahedi |
    • 0 step |
    • 3 minutes
    Tip!- You can add NEW management Fee for an existing property in the portal. Once you add a new fee, the new fee becomes active for the property. Previously added fees will still be available but will be marked as inactive. The system will use the new fee to generate the management fee invoice & owner payout
    Log into the Admin Portal
    Click on the "Settings" icon on the top left corner of the screen
    Click on "Management Fee Settings"
    Select the property under the "Property" dropdown
    Click the "Provide a Title ..." field to add a meaningful title
    Tip- When multiple configurations exist for a particular property, assigning a descriptive title can facilitate quick & easy identification of the settings
    Select management fee calculation on how would you like to pay the owner's of the property. You can also customize the fee percentage based on those fields along with setting them per property/unit
    Select the Monthly Cycle Start Date
    Alert- This selection is essential & should not change once set. Management fee income & monthly owner statements are generated based on the income & expenses of one monthly period. The period starts from the selected date of the previous month to one day before the next cycle of start date
    Click the "Yes" field to automatically generate management fee invoice
    Click the "Yes" field if you want to Auto Generate a Management fee invoice, and Select if you want to generate the invoice from the 'First Day of the Cycle' or the 'Last Day of the Cycle'
    When selected, the system will automatically process the invoice (add payment and mark paid. Considering the collected rent in the period is enough to cover the management fee). \ \ If the collected rent amount does not/could not cover the management fee, the invoice will remain open for manual processing (system may add partial payment if collected rent can cover partial management fee amount).
    Under "How would you like to pay the owner(s) of this property?" first of the 2 options are recommended compared to the 3rd one
    Tip- The first 2 options are recommended compared to the 3rd one. The 2nd one is the most popular choice for Property Managers. The 3rd option is not recommended generally
    Select the "mm-yyyy" field to designate the date from which the management fee will commence for this property.
    The "Discount Period" set up is to provide discount at the invoice level
    Click the "mm-yyyy" field under "CURRENT OWNER VISIBILITY (Optional)" if you want to make the report visible to the owner
    Set the 'Tax'
    Click "-- Select deposit account (optional) --" to choose the account where all the management fee income will go with taxes.
    Click on 'Save Setting Information" button to finish up
    Alert- Once you add a new fee for the property, you will not be able to edit the settings of the existing/previous fees. You can only update the settings of the activation fee
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