{"id":19987,"date":"2023-09-26T11:44:57","date_gmt":"2023-09-26T18:44:57","guid":{"rendered":"https:\/\/www.rentecdirect.com\/blog\/?p=19987"},"modified":"2023-10-04T15:12:46","modified_gmt":"2023-10-04T22:12:46","slug":"new-updates-to-cam-charges-streamlines-accounting-for-property-managers-hoa-management-rentec-direct-feature-update","status":"publish","type":"post","link":"https:\/\/www.rentecdirect.com\/blog\/new-updates-to-cam-charges-streamlines-accounting-for-property-managers-hoa-management-rentec-direct-feature-update\/","title":{"rendered":"Feature Update|CAM Charges for Property Manager Accounting"},"content":{"rendered":"\n
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Rentec Direct offers convenient ways to track and manage common area maintenance (CAM) charges with the accounting tools in your property management software. A new update from the Rentec Direct Development Team to the CAM charges feature will simplify your accounting since CAM pools now include a selector for your preferred product or service category.<\/p>\n\n\n\n

The CAM charge update allows you to conveniently select a product and services category when creating or editing a CAM charge. The inclusion of CAM charges with other products and services surcharges will automate your accounting through combined invoicing.<\/p>\n\n\n\n

What’s the Benefit of Combined Invoicing?<\/h2>\n\n\n\n

Including CAMs with other products and surcharges provides automated billing of shared expenses such as landscaping, maintenance, electricity, etc., on one comprehensive consolidated monthly invoice, making it easier for your tenants to know what has been charged.<\/p>\n\n\n\n

The Common Area Maintenance (CAM\/RUBS) feature included with Rentec PM subscriptions is particularly beneficial for specialized accounting practices. You may want to speak with your accountant regarding the recommended chart of accounts<\/a> for your account.<\/p>\n\n\n\n

How to Use the New Product & Services Category for CAM Charges<\/h2>\n\n\n\n

Great News! Your existing process for products and services, creating CAM charges, and application of CAM charges to specific tenants is the same. You will now, however, have additional options of selecting the product that relates to a particular CAM charge.<\/p>\n\n\n\n

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Implementing this updated feature is very simple with these three quick steps.<\/h3>\n\n\n\n
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  1. Create a CAM charge product in your financial settings<\/li>\n\n\n\n
  2. Create a CAM pool in your financial settings<\/li>\n\n\n\n
  3. Add the CAM charge to relevant tenants<\/li>\n<\/ol>\n\n\n\n
    \n\n\n\n

    Step One: Create a CAM charge product in your financial settings<\/h4>\n\n\n\n

    In your Rentec Direct account:<\/p>\n\n\n\n

      \n
    1. Click Settings<\/strong><\/li>\n\n\n\n
    2. Under the Financial<\/strong><\/em> section, choose Product & Services<\/strong><\/li>\n\n\n\n
    3. Click the +Add Product<\/strong> button<\/li>\n\n\n\n
    4. Add a description<\/strong><\/em> and set the type<\/strong><\/em> to Other<\/strong><\/li>\n\n\n\n
    5. Click the Save New Product<\/strong> button when finished<\/li>\n<\/ol>\n\n\n\n
      \"\"<\/figure>\n\n\n\n

      Step Two: Create a CAM pool in your financial settings<\/h4>\n\n\n\n

      Once you have created a product for your CAM charges, you need to create a CAM pool that will apply to your tenants for related charges.<\/p>\n\n\n\n

      In your Rentec Direct account:<\/p>\n\n\n\n

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      1. Click Settings<\/strong><\/li>\n\n\n\n
      2. Under Financial<\/em><\/strong> click on CAM Pools<\/strong><\/li>\n\n\n\n
      3. Click on +New CAM Pool<\/strong><\/li>\n\n\n\n
      4. Select and configure the CAM selecting the appropriate product<\/li>\n<\/ol>\n\n\n\n
        \"\"<\/figure>\n\n\n\n

        Step Three: Add the CAM charge to relevant tenants<\/h4>\n\n\n\n

        In your Rentec Direct account:<\/p>\n\n\n\n

        \"\"<\/figure>\n\n\n\n
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        1. Click Tenants<\/li>\n\n\n\n
        2. Right-click on a tenant, and select CAM Charges<\/li>\n\n\n\n
        3. Select the desired CAM Pool that you set up in the previous step.<\/li>\n\n\n\n
        4. Define the start and end dates, and set a percentage or fixed value.\n