Property Management, Tenant Selection, Real Estate News & Tips

Feature Friday: CAM (Common Area Maintenance) Charges and the Split Transaction Function

By on April 17, 2015 in Education with 0 Comments

h_apartment01For owners and managers of multi-unit residential properties and commercial properties the feature that supports automated CAM (Common Area Maintenance) charges is perfect. Specifying as many CAM charges is as easy as going to the Settings menu and selecting Setup Cam Pools. Simply right-click on the applicable tenant(s) and choose the CAM Charges option. At this point you will see a screen that looks like this:

cam_charges.jpg (862×100)

CAM charges will automatically run after the rent invoices run and be posted to the applicable tenants account. These charges can even be designated on a percentage basis. Having the ability to make the CAM charge percentage based is a huge time saver, for example if the landscaping bill goes up you can edit one field and the changes automatically changes all the tenants that are associated with that particular charge. A financial report called “CAM Receipts” will provide you with all income derived from CAM receipts which will assist in reconciling estimated CAM charges along with other tracking purposes. The CAM Receipts report can be run on all properties, a multiplex, or single properties and a date range can be specified.

The tenant payment window, with its split transaction support allows you to receive a single payment, and apply it to multiple properties or categories. A very common example where this will come in to play is when you receive a check from your tenant wherein part of it is for rent and the remainder is a CAM charge.

To use the split transaction feature, post a tenant payment as you normally would and simply click the option at the bottom of the window to upgrade to the new payment form.

split_tpay.png (721×393)

 

 

 

 

 

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About the Author

About the Author: Dulcey is both a private landlord and media contributor for Rentec Direct. Her passion is to bring up to date, useful information front-and-center for property managers and landlords. .

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