You can have Breeze calculate management fees and pay them over to your property management company.
Before you can pay management fees, you need to set them up, at the system level and the property level.
You should pay management fees once a month, before you make owner distributions. This function calculates the fees for the current operating month.
To pay management fees
Go to Accounting > Accounts Payable > Pay Management Fees.
Complete the screen.
Property | You can run the feature for one property at a time, you can multi-select properties, or you can leave the Property field blank and run it for all properties. |
Vendor | Select the vendor record you set up for your property management company. |
Late Fee Account | Select the Late Fee Account if you want to pay over all the late fees to your management company. |
Cash/Accrual Accounting | Select the accounting basis you use to calculate late fees. |
Management Fee Account | Select the expense account to use on the payables. |
Invoice Date Post Month | The dates default to the current date and month. Change them if needed. |
Payable Notes | Any text entered here will appear on the payables in the Notes field. |
Click Display. Breeze displays the payables that will be created, one line for each property.
Review the report and click Post. Breeze creates the payables.
On the report, the Comments column shows the result.
To view a payable, click a line in the report.
The invoice number shows that it is a system-generated payable for management fee: ":MGTFee + the date."
The Cash Account used for the payable is the GL account that is linked to the Primary bank account for that property.
The screenshot shows the Bank Accounts tab of the Property screen: narpmb is the primary bank account, and it is linked to 1110 Operating Cash, the cash account for the payable.
Paying Management Fees for Past Months
The function calculates management fees for the current operating month. If you need to record fees for prior months (for example, when you are setting up initial data in Breeze), create manual transactions (payables).