See Also Collecting Management Fees Lease Fee Adjustments
How to document 204
Management fees are deducted from the owner’s balance and added to the Management Group balance either when rent payments are received or when the <<AR, Scheduled Receivables, Management Fees>> function is run. These are recorded based on the Management Fee profile assigned to the unit.
If you want to post a fee adjustment to the owner/property ledger, follow the Give Back or Take More steps below.
Give Back Management Fees Taken
1. Go to <<AR, ProRated Rent>>
The fields on the right are for information only.
The fields on the left govern what will be posted.
2. Select the [Tenant] or [Unit]
3. Set the [Posting Date] to the day the management fee should show in the owner's ledger.
4. Clear the [Days in Rental Period] field
5. Enter the amount in the [Management Fee] field as a negative.
6. Verify that the [Rent] and [Leasing Fee] fields are blank.
7. Click <Post>.
Take More Management Fee
1. Go to <<AR, ProRated Rent>>
The fields on the right are for information only.
The fields on the left govern what will be posted.
2. Select the [Tenant] or [Unit]
3. Set the [Posting Date] to the day the management fee should show in the owner's ledger.
4. Clear the [Days in Rental Period] field
5. Enter the amount in the [Management Fee] field.
6. Verify that the [Rent] and [Leasing Fee] fields are blank.
7. Click <Post>.
Note: The difference between giving back or taking fees is only in the sign of the amount entered (positive or negative).
Correct an erroneously taken fee
Taken when the rent was paid – where fee is different from the normal fee (as defined in the unit profile)
1.
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Go to <<AR, ProRated Rent>>
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The fields on the right are for information only.
The fields on the left govern what will be posted.
2.
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Select the [Tenant] or [Unit]
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3.
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Set the [Posting Date] to the 2nd of the month.
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4.
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Enter the rent amount in the [Rent] field
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5.
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Enter the amount of management fee in the [Management Fee] field.
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7.
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Follow the procedure for Payment Recorded in Error and skip the charge posted on the 1st of the month. Instead pay off the charge posted above on the 2nd of the month.
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8.
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Go to <<AR, Tenant History>> and void the charge dated for the 1st.
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Taken when the rent was paid – where fee is the same as the normal fee (as defined in the unit profile)
2.
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On the New Charges tab, enter the rent charge and amount (charge will be dated the posting date on the screen) or click on the Charge Tenant speedbutton to post a charge dated the 2nd of the month. <Post>.
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4.
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Once back in Tenant History, void the unpaid rent charge.
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Taken in ProRated Rent
Void the fee in <<GL, GL History>> and reenter through <<AR, ProRated Rent>>.
Taken in <<AR, Scheduled Receivables>> Management Fees not on a tenant payment
Void the fee in <<GL, GL History>> and reenter through <<AR, ProRated Rent>>.
Taken in GL, Scheduled Journal Entries, Reconcile PM Fees
Void the Fee in <<GL, GL History>> and reenter through <<AR, ProRated Rent>>.
Leasing Fee Adjustments
Give Back Leasing Fees Taken
1. Go to <<AR, ProRated Rent>>
The fields on the right are for information only.
The fields on the left govern what will be posted.
2. Select the [Tenant] or [Unit]
3. Set the [Posting Date] to the day the management fee should show in the owner's ledger.
4. Clear the [Days in Rental Period] field
5. Enter the amount in the [Leasing Fee] field as a negative.
6. Verify that the [Rent] and [Management Fee] fields are blank.
7. Click <Post>.
Take More Leasing Fee
1. Go to <<AR, ProRated Rent>>
The fields on the right are for information only.
The fields on the left govern what will be posted.
2. Select the [Tenant] or [Unit]
3. Set the [Posting Date] to the day the management fee should show in the owner's ledger.
4. Clear the [Days in Rental Period] field
5. Enter the amount in the [Leasing Fee] field.
6. Verify that the [Rent] and [Management Fee] fields are blank.
7. Click <Post>.
Note: The difference between giving back or taking fees is only in the sign of the amount entered (positive or negative).
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