Keep Company Financials Off "All Property" Financials
When customers wish to track income and expenses for their company, they can easily create a property for "ABC Company" and post customized income and expense transactions. However, this "property" skews vacancy and financial reports for "all properties." It would be great to have an option to exclude a single property or selected properties from report options.
Paul, Jonathan commented
This would help when it comes to tax time for the business namely when I the business was rental property of its own and manage other owner properties
Ed Parrish commented
It would be great to have a separate general ledger to record management company revenues and expenses. This would keep these items out of the calculations for managed properties and would simplify bookkeeping and year end accounting.
AdminSmith, Jane (Admin, Rentec Direct) commented
I have had a series of demos over the last few months where I have shared Kathryn's workaround for managing company income and expenses not directly related to properties.
In a discussion this morning with a potential client, I thought I recognized an obvious method that I had overlooked before ...
The potential client has an LLC that he can set as "owner" to which he already pays an 8% management fee. He wants to create a bank account in Rentec for that LLC and run income (management fees) and expenses from that account. Problem is, there is no means to post income to a bank account directly.
AdminKathryn (Admin, Rentec Direct) commented
A quick fix to keep company financials off of properties is to allow posting of income directly to a bank account.
This would be a great benefit for being able to manage company financial (operating) and would allow post of income for company funds held in trust ledger (for example: state allows $100 of company funds to remain in trust ledger for adjustments)
Then we can eliminate creating these "properties" to manage business operating.
On the same subject tho' I agree w/ other comments to create reports per property. The hold CTRL option would be awesome.
Dowdney, Jennifer commented
This is also an important feature to have for commercial customers. They need to be able to divide commercial properties from their residential properties.