What is your property management income comprised of? Knowing the granular data of your income, you are able to make a more sound decision on where to focus your business. By default, everything in Propertyware (PW) falls into the 4015: Management Income GL account. However, PW also allows you to track management income on a more detailed level. In today's blog, we will teach you how to do just that!
Knowing that you are receiving income is one thing, but knowing where that income is specifically coming from provides a new perspective. Propertyware allows you to customize your system so that you can look at your management income on a microscopic level. Here are the steps to setting this up:
1. Enable Track Management Income
2. Add Granular Management Income GL code to the Chart of Accounts
3. Map the Management Income
Now you should see a list of all the expense accounts that you will want to map to a specific income account. You will need to create the income accounts first in the Chart of Accounts.
Any vendor that you have categorized as a Management Company will bring back the bill payment back into the system in "Money In" > "Other Customer".
You would first create the Bill from the Management Company vendor:
Then you would need to pay the bill:
View the Bill Payment Detail. This can be located in the Vendor Ledger. Note the Mapped Income Leasing Fee Income. This was mapped from the Expense GL billed to the owner:
Locate the payment in Money In > Other Customer. This payment is brought back into the system for you to deposit:
View the Management Detail Report for your management portfolio. Your management income is broken down to granular reporting:
If you have any issues getting this set up, entering bills, running reports or have further questions, please reach out to us at email@example.com, www.apmhelp.com, or (281) 949-8755.