Return to Section 3 HERE
Step 6 - Setting up Management Fees
Finance -> Management Fee
The 'Schedule' tab will allow you to set what you want to be created monthly. It will not do it automatically but it will allow the system to know what you want to be deducted every month. It will fill in the fields when you generate it every month.
Once you click '+ New Management Fee Schedule', fill out the following information:
- Entry name: Who you will be charging.
- Reporting period: Monthly/Quarterly/Annually.
- Management Entity: Choose from the drop down for whom you are running it for.
- Property Owners: Choose correct owner
- Effective date: When it should begin
- Expiration date: This can be left blank
- Buildings: All buildings under this owner or specify
- Run Action: Calculate / Draft Expense / Submit Expense / Pay Expense
- Run After Days: After how many days you would like the fee to be billed
Click Save
Next Step - Under Statements, create a New Management Fee Statement. From here you can click the drop down schedule and it will drop down the options you have already created and it will auto fill this information.
Click OK - This will then calculate and generate the management fees.
Once you have completed this step, you will be able to view the statement. You can then click Actions -> Draft Expense. In our example, we ran the CRA Deduction fee as shown below. Fees were processed correctly.
Also note, that highlighted above is the Vendor Expense which you will be able to click into and see the below screenshot.
You will be able to download a pdf of this expense by clicking Actions -> Download File
