Your Management Portfolio
If you are a Management Company, and you decide that you want to track Management Income for your Management Company, then you can setup your account to include a Management Portfolio and a Management Company Vendor to record your company's management income and expenses. These settings can be controlled within Propertyware's Administration Setup, under Company Information and Management Settings respectively. Your Management Portfolio but appear in the Properties tab along with other portfolios. Information specific to your Management Portfolio, such as your management income and expenses, may be accessed from the Money In, Money Out and Reports tabs.
Money Into Your Management Portfolio
The Money In tab tracks all income generated by your management company for the management services it delivers to its various portfolio owners. This income is recorded as income from Other Customers (specifically, your portfolio owners) and may be generated in either of 2 ways:
Paid Management Fee Bills. As a Vendor of management services to your various portfolio owners, you may bill your owners a management fee. Once these bills are paid, the amounts paid will appear as income from Other Customers to your Management Portfolio.
Recording Other Income. Additionally, you may record income from Other Customers directly to your Management Portfolio at any time, i.e., for refunds or credits received from your vendors, laundry room income or mortgage payments.
To view your Management Portfolio's income from Other Customers:
Click the Money In Tab located at the top of any page in the application.
Click the Summary button from the sub-navigation bar that appears immediately below the green "Money In" page header.
Click the Other Customers sub-tab that appears within the displayed table. This will display all recorded income from Other Customers in the table below.
From the Portfolio/Building drop down filter, select your Management Portfolio (an abbreviation of your company name which is the first item on the list).
Using the Date drop down menus, filter your view of your income from Other Customers by month and year.
The page will refresh to display all income from Other Customers collected by your Management Company for the selected date range. Typically, the majority of this income will likely be income received from paid management fee bills, which are automatically deducted from your owners' portfolio income and recorded as income from Other Customers to your Management Portfolio.
You can record income from Other Customers to your Management Portfolio by clicking the Receive Payment button at the top of the page.
Money Out of Your Management Portfolio
The Money Out tab tracks your management company's various expenses, i.e., repair of your company fax machines by Hewlett Packard. These expenses are recorded as bills to your Management Portfolio and may be viewed from the Money Out Tab:
Click the Money Out Tab located at the top of any page in the application.
Click the Vendors button from the sub-navigation bar that appears immediately below the green "Money Out" page header.
From the Vendor Navigator Menu on the left sidebar of the page, click on your choice of a billing Vendor (other than your own Vendor name), i.e., Hewlett Packard in the example above.
If the billing Vendor does not appear as a choice within the Vendor Navigator Menu, click on the New Vendor button at the top of the page to create the Vendor.
From the table below your selected Vendor's Summary, click on the Bills sub-tab.
From the "Portfolio/Building" drop down menu, select your Management Portfolio (an abbreviation of your company name which is the first item on the drop down list).
The page will then refresh to display all bills from your selected Vendor to your Management Portfolio.
Unpaid bills will display as line items in a shaded green row with background text of "Unpaid."
Each paid bill will have a corresponding Bill Payment line item accounting for its payment in full. One or more Bill Payments may display depending on the number of payments made.
To create a new bill from the selected Vendor, click the New Bill button at the top of the page. A pop-up window will then display with your selected Vendor by default.
Enter a Reference #, Bill Date, Due Date,Description and appropriate payment Terms.
From the Location drop down menu, select your Management Portfolio.
Select the appropriate Expense Account and Bill Amount.
Once you have completed the required fields, click Save.
To edit, view or delete a bill, simply select from the links displayed under the Action column for that line item.
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If your management company has predictable recurring expenses, i.e., a monthly charge for training of staff by an outside consultant, an auto bill may be set up to automate the creation of bills for such recurring expenses.
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