1. To keep track of management fees, and for better reporting, we recommend utilizing the category for management fees and creating one for placement fees if you have not already done so. To do this, click the Settings tab, then click Setup Categories. Add one new category for ‘Placement Fees’. Enter the type as ‘Expense’.
2. Now Click the Properties tab, right click on the property you want to set management fees for, and choose ‘Edit Property’. Be sure to create a management fee for each sub-unit in a property as well.
3. Inside the property editing screen, click the ‘Property Menu’ link in the upper right, and select ‘Management Fees’.
4. Enter the management fees per your policies. First, select the category you want the fees to post to. Second, check the checkboxes to mark which fees you want to automatically apply to this property. Third, enter the fee amounts.
To get a feel for how the automated fees work, you can create a temporary test property, and set the fees as you would for a real property. Now move in a temporary test tenant, with a rental amount similar to what would be an actual rental amount, and select a move-in date as you prefer. Move this temporary tenant in, and give the system a moment if there are back charges to calculate. Enter the property ledger by clicking the Properties tab, then click the property balance. You should now see the management and/or placement fees as you’ve specified. You can safely delete this temporary property and tenant from the system when done testing.
Note: If your management fee structure is based on charged rent, the fee structure will need to be in place prior to moving in any tenants or the management fee will not calculate properly for the first tenant rent charges. If your management fee structure is based on a percentage of rent payments, you will need to have the fee in place prior to posting any rent payments or the management fee will not post.