Management Fee Collection

Parker Pearson

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Oct 25, 2018, 11:46:33 PM10/25/18

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We have been having to do a few workarounds for a while now to have management fees show up on owner statements when we cannot actually pay out the fee yet. We manage a lot of distressed properties and some of them do not generate any income at all or not enough to cover monthly.

Does anyone have any ideas for how to "pay out" management fees without actually having to go through the pay management fee feature? We've been doing that and just leaving the check as "Print" but the issues that is causing are endless.

Also - we've been trying to find another way to pay out management fees or export to a google sheet and then import in to our quickbooks online. Printing checks for individual properties is not going to be sustainable... Any feedback on this issue at all is welcome... we've been doing a work around and I have

Thank you!

Parker Pearson

Two Blue Property Management

1000 N Milwaukee Ave

Chicago, IL 60642

312-909-9705

Peter Lohmann

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Oct 26, 2018, 10:23:42 AM10/26/18

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Parker, I don't understand what you're trying to accomplish but I'm willing to jump on a call and see if I can help. We've used Buildium for many years and I know the accounting inside and out. Let me know if I can help.

Peter Lohmann

(614) 725-3059 x101

pe...@rlpmg.com

RL Property Management
753 E Broad St

Columbus, OH 43205

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Tim Hendricks

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Oct 26, 2018, 1:35:39 PM10/26/18

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Parker,

My $0.02 - managing properties that do not generate enough income to pay your management fee is a business strategy issue, not a software problem. If it’s a short-term issue until the properties are rehabbed and rented, have the owner send in a chunk of money to keep in reserves and pay yourself from.

As far as QBO, I don’t track individual owner income. I have one customer set up in QBO called “PM Clients.” After I have paid out monthly management income from Buildium, I record the deposit in QBO in a single lump sum with “PM Clients” as the customer. From a tax standpoint, there’s no need for you to have that level of detail in QBO. If you wanted to run any reporting/analysis on income by property or owner, you could do that out of Buildium.

Tim Hendricks

Texas Real Estate Broker #595881

Residential Management Professional (RMP®), Certified TX Residential Property Manager (TRPM) and Leasing Specialist (TRLS)

512-201-4350 (o)

512-236-5257 (f)

t...@512re.com

Christopher Lundstrom

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Oct 26, 2018, 1:55:20 PM10/26/18

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Might consider zeroing out the management fee each month in Buildium and creating a separate actual "bill" in the amount of your monthly management fee. Just use the memo field to track the exact management fee billing periods. If you move the fee to the bill area of Buildium, you won't loose it. It seems management fees in Buildium can be finicky.

A note of caution on that though... only put a bill into Buildium "bills" you are fairly certain you will collect. If you put a bill into Buildium, we found that after a month has passed and you've reconciled a bank account the bill is attached to, you can not delete the bill without UN-reconciling the previous month(s). Accountants probably have a good reason for this, but sometimes we just want to delete/void/credit/remove a old bill!

Chris

Christopher Lundstrom, Broker, LCAM, RMP©

772-201-6363

772-220-0844

www.floridapm.net

OFFICE: 206 SW Ocean Blvd., Stuart FL 34994

Mail for rent & dues: Post Office Box 906, Stuart FL 34995

- A Florida licensed real estate broker & a Florida licensed community association management (CAM) firm -

Parker Pearson

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Oct 27, 2018, 12:21:27 PM10/27/18

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Thank you for the feedback!

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