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 back 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****