All Portfolios

Select All Portfolios to calculate your management fees and create management fee bills for All Portfolios at once.

A Single Portfolio

Select a Single Portfolio to calculate your management fees and create a management fee bill for the Portfolio selected.

Tips and Tricks

• Refresher on Commission Accounts.  A Commission Account is a commissionable account on your chart of accounts, whether an Income, Liability or Expense account, that is eligible for a management fee commission. A management fee may only be applied toward Commission Accounts set on a Portfolio.  

• Designating Commission Accounts.  If you have not yet designated Commission Accounts or wish to modify the current designation on your portfolio (indicated in the summary at the bottom right corner of the page), you may do so either:

• 1. Individually on a Portfolio from its detail page, by clicking the Edit Rule link at the bottom right corner of the page.

  2. Globally on All Portfolios from Management Settings within Setup.

Income/Liabilities

The Income (i.e., Rent) and Liability (i.e., Security Deposit) accounts designated as Commission Accounts on the portfolio's management fee rule. These commission accounts will detail the amounts Charged and Collected for the selected Date Range, as well as the Commission % and Calculated Management Fee.

Expenses

The Expense accounts (i.e., Repairs account) designated as Commission Accounts on the portfolio's management fee rule. These commission accounts will detail the amounts Billed and Paid during the selected Date Range, as well as the Commission % and Calculated Management Fee.

Total

The sum total of amounts Charged/Billed and Collected/Paid from all Commission Accounts, as well as the total calculated Management Fee for the Portfolio and Date Range selected.

Note: Your Management Fee Commission is applied to income/liabilities actually Collected (as opposed to Charged) and expenses actually Paid (as opposed to Billed).

Options

Create Owner Draws - Select this checkbox to automatically create an owner draw for the portfolio owner in the amount remaining once after your management fees and operating expenses have been deducted from the portfolio's income (this calculation and such owner draws are viewable from the Management Summary Page).

Close Accounting Period - Select this checkbox to close the books as of a fixed date for the portfolios selected below. Setting an Accounting Close Date will effectively lock the accounting period on the selected portfolios and prevent users from recording or modifying financial transactions prior to this date.

All/None

Use the All/None links to select all or none of the listed portfolios.

Lock Date

The Accounting Close Date set on the given portfolio.

Note: If an Accounting Close Date has already been set and appears in this column, your Administrator will need to unlock the Accounting Close Date before you may create a management fee bill retroactively dated before that date.

Current Fees

The sum of all existing management fee bills, both paid and unpaid, with a bill date that falls within the Date Range selected.

Current Fees Paid

The sum of all bill payments applied to management fee bills during the Date Range selected.

Calculated

Management Fee

The Calculated Management Fee for the given portfolio.

Action

Click the View link in the Action column for a portfolio to view the details of the Calculated Management Fee for that particular portfolio (See Income/Liabilities and Expense field descriptions in the table above).

Bill Date

The date of the management fee bill. This field will default to your selected Date Range end date.

Bill Ref

Assign a reference number to the bill. The reference number will help you identify the bill when running a search.

Create Bill As

Create your management bill as Paid or Unpaid:

• Paid - Select to simultaneously pay your management fee bill from the portfolio's income. Selecting this radio button will prompt entries for fields described in the Payment Information Table below.

• Unpaid - Select to pay your management fee bill at a later time using Bill Pay. Any management fee bill designated as unpaid will appear in Bill Pay (see Money Out tab).

Bill Total

The total management fee charge for the selected portfolio owner(s). The Bill Total will default to your Total Calculated Management Fee from the Management Fee Calculation Table above.

Note:If you have selected to calculate your management fees for All Portfolios, the Bill Total will represent the sum totalcharged to all portfolio owners. But don't be fooled. Each owner will be billed individually for their respective fees calculated in the table above.

Comments

The date range of the management fee calculation will automatically fill into the Comments field for future reference. This field may be appended or modified with additional information.

Payment Account

From the drop down menu, select the account from which to pay the bill. If you need to pay bills for individual portfolios from different bank accounts, these portfolios should be processed separately.

Payment Method

From the drop down menu, select the method of payment. Options include:

1. • Check

   • Credit Card

   • Cash

Check Number

Enter the check number (if writing the check by hand).

Printed in QuickBooks

Select this option to have QuickBooks print a check for payment of the bill.

Payment Date

Use the calendar icon to select the bill payment date.

• How can I verify that my management fee bills were actually paid? You may verify payment of your management fee bills to your management portfolio each month (or applicable period) from the Advanced Management Report (viewable from the Management Summary Page, by clicking the View Detail button once the applicable Portfolio and Date Range filters have been selected).

• What if I want to pay each management fee bill separately? Calculating and paying your management fees for all portfolios at once will combine all payments into one bill payment. To make separate payments for each portfolio's management fee, choose one of the following methods:

• 1. Calculate your management fees for each portfolio separately, or

  2. Calculate your management fee bills for all portfolios, but create bills as Unpaid. These bills may be paid one at a time by using Bill Pay.

See Also

What is the Management Tab?

Management Fee Rule

Generating Owner's Statements

What is an Operating Reserve?

Your Management Portfolio

FAQs

• What bank accounts do i need to set up as a management company?

• How do I charge management fees on rent that doesn't go through my office?

• Why aren't prepayments showing as income on my owner statements?

• How do I delete owner draws or contributions?

• How do I lock accounting periods?

More FAQs >>