Add support for auto-tax calculations
Some parts of the U.S., including major cities in Arizona like Phoenix, have a sales tax which applies to residential rental properties. In Phoenix, it's 2% (of the rent), and tenants must pay it every month, along with their rent. Owners/managers must pay the city monthly.
Rentec Direct doesn't have a particularly good way of dealing with this, and it seems like a valuable feature that should exist. The tax should automatically be computed (x% times the rent amount) and posted along with the rent. A way of reporting the monthly totals would be nice too. I find the workaround, using manually-set-up recurring transactions that have to be manually changed if the rent amount changes, is unsatisfactory.
Thanks for considering this feature request.
alex g commented
Slight twist on this would be annual real estate taxes due for commercial tenants. If a tenant is responsible for, say, 2% of the increase in real estate taxes over a base year, the pm/owner should be able to enter the taxes on the building annually or quarterly and the corresponding liability for each tenant should be calculated and added onto the tenant's ledger automatically. For instance, if a building's taxes were $1000 last year and they're $1100 this year, the increase over base year is $100 and the tenant with a 2% responsibility would be assessed a $2.00 charge for annual taxes.
In Canada, HST is the equivalent of your state tax on goods and services.
We charge this on our management fees. Our process is that we only invoice
monthly to owners.
This would need to be auto calculated, and represented on the owners
We collect it on behalf on the government, where it becomes a liability we
owe the government and remit quarterly. It needs to be calculated on our management fees and then represented on our invoices.
Then totaled in a liability account to be remitted.
Savich, Michael commented
Sales Tax charge needs to be improved either by making it that the sales tax should show up same time as the rent charge as to avoid any confusion on statements or or change the way sales tax is added like as a seperate sales tax charge similar to recurring expense so it won't mess up rent rolls.
Fox-Embrey, Lynn commented
In Arizona, we need to charge a tax on tenant rents, It is a different amount per city. I wish there was a built in way to do this. I need help trying to figure this out.
The ability to charge tax % on certain list items of tenant charges (ie: charge %tax on rent and CAM charges but not late fees).