If you have subscribed to the Management Module, your Propertyware Administrator will need to globally configure your company's management commission structure for the portfolios you manage. This may be done from the Management Settings page of the application by following these steps:

 

  1. Click on the Setup link located at the top right corner of any page.

  2. From the left sidebar of the page, click on the Management link located under the Customize menu.

  3. The page will refresh to display the default Management Settings configured by your Administrator at signup.

  4. Click the Edit button and proceed to edit and confirm your default Management Settings:

 

          MANAGEMENT SETTINGS

 Management Info:

* Management Company Name

Enter the name of your management portfolio. (* designates a required field)

* Management Portfolio Abbreviation

Enter an abbreviation for your management portfolio. (* designates a required field)

Management Bank Account

From the drop down menu, select the bank account where you would like your management fee income deposited. If you don't see the account you want, you may create a new account in the chart of accounts.

Track Management Income

When a management fee is paid to your management company, funds are moved from the paying portfolio's operating account to your management company. Use this field to determine whether or not income records will be created for your management company by selecting one of the following:

  1. Yes - Each paid management fee bill will create income for your management portfolio. This income may be viewed by selecting your management portfolio in the other customers area of the Money In tab.

  2. No - Selecting this option will not create income from paid management fees for your management portfolio.

 Management Fee Rule:

Fee Type

Set up your management fee rule by selecting one of two options:

  1. Greater of Flat Fee or Percentage.  This rule applies a management fee that is the greater of a designated flat fee or percentage that may be set on the Commission Account (see field description below).

  2. Flat Fee + Percentage. This rule applies a designated flat fee plus percentage that may be set on the Commission Account (see field description below).

Flat Fee

(Optional) Enter the Flat Fee amount to apply to your management fee rule.

Note

The Flat Fee will apply to each Fee Type above. A Flat Fee may be used to impose a minimum fee at all times. Alternatively, if you charge straight percentage commissions, simply set the Flat Fee amount to $0.00.

Commission Accounts

 

This field allows you to designate commissionable accounts from your chart of accounts, whether an Income, Liability or Expense account. Management fees may be earned only when income, liabilities or expenses are incurred or received on a Commission Account. To designate a Commission Account:

  1. Click the Add Commission Account button.

  2. From the Commission Account drop down menu, select the account you would like to designate as commissionable.

    1. To help you with your selection, you may click the Show Chart of Accounts button to preview of all accounts within your chart of accounts by Account #, Type, Account Code and Description.

  4. In the Percentage field, enter the commission rate to apply to income received on the commissionable account.

  5. Repeat steps 1 - 3 to create additional Commission Accounts.

  6. To delete a Commission Account, click the Del link that appears in the Action column.

 

  1. Click Save once you have completed the above field entries.

  2. A pop-up window will then display asking you to confirm application of the management fee rule to All Portfolios (which includes existing portfolios within your account) or New Portfolios created going forward only. Select the appropriate button and the page will refresh to display your newly created management fee rule.

 

Note

Once after your Propertyware Administrator configures a global management fee rule for all portfolios within your account, other users with proper access may edit the rule individually for each portfolio from the Management Settings section of the portfolio's detail page.

 

See Also

What is the Management Tab?

Management Fee Calculator

Your Management Portfolio

FAQs

More FAQs >>