How to Refund Management Fees to an Owner on Manager Ledger mode
This article will show you how a ledger transfer is used to refund an owner management fees when your Rentvine account is on Manager Ledger mode
The example below assumes that the Property Management company has already collected a $100 fee on the manager ledger from a unit. Follow the steps to refund the $100 to the owner.
From the navigation menu, select Accounting / Transactions. Then click on the green Actions button and select New Ledger Transfer.
Fill out the form:
Date Posted - Enter the applicable date. The chosen date is what will show on the ledgers
Bank Account - Choose the applicable bank account.
Reference - This field is optional
Description - Enter a brief description of what this transfer is for, such as Refund of Management Fees
Entries - Be sure to have two entries, one for the manager ledger and the other for the portfolio, property, or unit
Entry # 1
Ledger - Select the manager ledger
Account - Select the management fee INCOME account
Debit - Fill in the amount that is being refunded.
Credit - Leave this blank
Description - Enter a brief description of what this transfer is for
Entry # 2
Ledger - Select a portfolio, property or unit
Account - Select the management fee EXPENSE account
Debit - Leave this blank
Credit - Fill in the amount that is being refunded
Description - Enter a brief description of what this transfer is for (this will appear on an owner statement)
****examples below is showing how to refund a $100 management fee back to the owner****
