Paying Yourself Property Management Fees

Rentec helps you combine your property management fees for multiple properties and create a payment to yourself or your property manager(s).  Follow these steps:
  1. Go to your Accounts tab.
  2. Right-click on the bank account you want to pay yourself (or your manager) from, choose "Pay Property Mgr".
  3. Specify a date range on the left if the default is not what you desire.
  4. Select the management fees you wish to include in this payment.  The total of the selections will automatically display in the left column.
  5. Click Next.
  6. Your property management company will be automatically selected as the default payee.  If you are paying a property manager, change the Payee to the manager or Add them here.
  7. The category will default to "0000 Uncategorized"> set category to proper category such as "management fees"
  8. Modify the Expense Type and Ref No as necessary.  Most property managers will choose "Check" or "Print Check".
  9. Caution: do not specify a Property for this transaction, leave it blank.
  10. Caution: do not modify the Amount value.
  11. Click "Post Expense".
What if I need to change something?
You can undo this transaction at any time by visiting the account ledger, edit the transaction, and delete it.  You can then start over with step 1 above to correct any errors or make any changes.

How can I tell what property based management fees are associated with each payment?
Once you post the expense, you can visit the account ledger, and edit the transaction.  In the right column it will say "This transaction is part of a PM Payment. [ view report ]."  Click "view report" to see all the affiliated property transactions.

You can also go to Reports > Financial Reports and pull the Vendor Ledger report after choosing the Bank Account on the left.

Can I default the category for the payment to something else?
Yes, visit Settings and click "Manage Vendors & Payees".  Edit your property management account vendor (should be named the same as you have in the contact information) and/or your Property Manager vendors.  Modify the default Category in the right hand column to what you wish the default to be and click Save.

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