Are you looking to post your management fee's but the amount to collect equals $0 and you unable to post anything?
It is very common when switching over to Rentvine that in the first month or so your management fee settings are not adjusted correctly in each property. For Ex; if you had to take 10% in management fees for the month of July and you have it set for 0% until the month of August essentially you will come up to an error that will not let you post your management fee since there is nothing to collect. Here is the solution to you problem
- Let's make sure you have the correct Management fee settings, click the ellipsis by your name and click on settings, this will take you to your global settings and we are going to go look under "Accounting"
- Click on Management Fees and you will notice there is a default one, You are able to have different types of management fee's with different % if needed but for this instance we are going to click on the default one.
- Now that you are in the Management Fee Settings you will notice you have Base Fee/ Renewal Fee and Additional Fees. The management fee that pulls the percentage from the rent will be under Base Management Fees you notice that you have the options to collect on Leased Properties as well as Vacant. You will be able to click on the edit button and adjust the percentage.
- After you have figured out the default management setting we can go to your desired property and attached this management fee. Select the settings tabs and under properties tab you will notice your settings that you have created will now be showing and we can start collecting fees on them.
**Please keep in mind that now after this is completed all your properties that are set to this management settings will start pulling the correct amount of fees in the beginning of the month when rent is paid. However, you will need to go back and fixed those charges that do not have the correct management fee set for that property.
Now on the next part of this article we are going to go over how to void the rent charges that had a 0% management fee setting and correct them so you are able to collect those fees!
- Go ahead and go to you manager dashboard under accounting on the left side and we are going to click on "Post Management Fees". Once you click on search it will pull up all your fees for the month. With these fees you will notices a section that says "units W/O management fee's to collect, this means that the posting is equal to 0% and it will not draw anything for that tenant rent income charge.
- From here we need to head over to the Property that we are working on and go under their settings tab and look for our management fee. Click on that management fee and you will notice that it will show you $0.00 amount under the "Base Management Fee" we need to change this to the correct one so click on edit and choose your percentage for "On Lease" properties and Vacant.
- Once this is saved, it will now be set on the property and moving forward that property will collect those fees. We will need to go into the Lease for that property and click on the transactions tab. Notice you will see a lease Charge and a Tenant Payment. We are going to Reallocate the Tenant Payment and then void the Lease Charge. Please note that if you do not reallocate the tenant payment funds you will not be able to void the Lease Charge.
- To Reallocate the payment go ahead and click on "Tenant Payment" and scroll down to where it says "Applied to". On the right side of that screen you will see where it says Reapply you need to click on that and clear whatever the amount is to $0, click on the Green Reapply Button. Once this is done you can go back into the lease and go over to the transaction tab once again.
- Under the transaction you will now notice the yellow bars under the descriptions. For the rent charge you will notice it says "Amount Unpaid" from there we can now go ahead and void the charge so lets click on it. Once we are in the details page of the charge we can click on the Green Actions button on the top right side and hit "Void" and this will get rid of the charge.
- Once that payment is voided we will need to go back to that lease and head over to the transaction tab once more. Now we are going to need to add the rent charge once again with the correct management settings. Now to do so click on the Green Actions Button and hit "Add Charge". For the account we will need to select that COA/GL Code that you normally used for rent. You will need to just fill out the rest of the charge. For the date posted it will be when this bill was due so used the same date as the charge before.
- Once you have saved the charge, the system will automatically allocate that tenant payment to this charge so it will show as paid. Now you can head over to your manager dashboard and post those management fees. Under that same property you will now see the change from $0.00 to $100.00 on "Amount to Bill". Go ahead and select that unit and post your management fee.
- Once this is all done now your management fee bill will show under the portfolio under "bills". You will be able to pay this bill out before your owner distribution.
***Please note that if you are still having difficulties trying to do this process just submit a ticket to Support@Rentvine.com and one of our team member will help you shortly!***