Management Fees – Post To Bank Account

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Currently, Rentec’s program allows you the option to set management fees to automatically post as an expense to a property each month.  This expense does NOT incorporate the default expense account into the transaction as most customers do not actually cut a check out of their operating account for this expense, it simply is withheld from the monthly income received that is disbursed to owners.

However, some customers do wish to pay out that expense out of their bank account and here is the solution:

After your auto-management fees have all applied for the month and you are ready to cut a check for the total management fees,

1.  Head to the Reports/Financial Reports tab and pull a category ledger report for All Properties for the current month.  Choose the category “6100 Management Fees.” You will then be shown a detail and total of all management fees billed for the month.

2.  Next, head to the accounts tab, and click on the red dollar sign across from the bank account you wish to apply the expense to.  Use the total found in the category report in step #1.  Be sure to leave the property blank as the charge has already been entered in for each property.