Pay Company Fees (F11)

Pay Company Fees (F11)

The Pay Company Fees guides you through making a payment to your company for any fees and charges raised through the month.  

All operations related to property management can easily be done from the Property Management Procedures window. The shortcut key to this window is F11. You may access this section from anywhere in the software and at anytime.

A wizard will guide you through steps of each procedure.


You may select the back button at anytime through out to return to the following section.


To perform the Pay Company fee procedure, 
  1. Select the Pay Company fee option and click Next.
To make it easy the wizard will guide you to select your options up front. The selections you enter here carry through to each step. 

 

  1. Department: Select which property management department you would like to process Company Fees for. This will automatically default to the department you are currently logged into. 
  2. Trust account : This is the trust account associated to the selected Department. 
  3. Company Fee payment group(s) : Select the company fee group that you want. Typically for during the month you will select “All” groups. 
  4. Period starting from date : You must then enter the start date and end date of the transactions that the month you are working in will cover.
    1. The period start date should be the day AFTER the end date of your last processed end of month batch.
  5. Payment date: The payment date will be used to date all payments made throughout this process.
    1. If you run your end of month on the first business day after the last day of the previous month, your start date will always be the 1st of the previous month, and the end date will be the last day of the previous month.
  6. Property manager(s)  - You can prepare Owner Payments on a per property manager basis by selecting individual property managers, and repeating the process for each or all at one time. The default selection is All property managers.
  7. Perform Bank Reconciliation check box is ticked by default : Unchecking this box (not recommended) as it will remove the steps Reconcile Trust Account and Close Bank Reconciliation from this procedural run. 
Clicking Next will proceed you forward to Reconcile Trust Account or Raise owner charges. 

Reconcile Trust Account  

  1. This step will prompt you to reconcile your trust account with your bank statements before you start processing any payments. 
  2. Reconciling will help you uncover mistakes made in receipting, giving you the opportunity to cancel and correct the mistakes. 
  3. This step will show the current open Bank Reconciliation. If no open Bank Reconciliation exists, a new one will be created for you. 
  4. The end date of the bank reconciliation will be automatically adjusted to the day before the batch/payment date. 
  5. Clicking Next will save changes you have made to your bank reconciliation. However, this step will not prompt you to close the Bank Reconciliation period. This 
  6. does not happen until you have finalised your Pay Company Fees processing, in Close Bank Reconciliation. 
  7. Once reconciled, click Next to proceed to raise owner charges. 


Note: You will receive the following warning message if your trust account is not reconciled: You may continue if you wish at your own risk, however It is strongly recommended that you reconcile prior to processing your owner payments to avoid under or over paying from your trust account. 


Raise Owner Charges

This step will prompt you with Owner Charges that need to be raised for the period specified in Step 1.
  1. Select the new Owner Charges to be raised, then
  2. Click Next to create and save them, and proceed to Pay Company Fees and Commission. 
Owner charges are prompted to be raised according to actions that have occurred during the 'actioned between' date period. This defaults to the dates you selected in Select Options An action occurs when specific dates in the system have changed, and those dates fall within the 'actioned between' date range.

 

Owner Charges raised according to changes to specific trigger dates: 
  1. Initial Condition Report Fee
    1. Trigger Date: Tenancy Start date
    2. Action: A new tenancy was entered.
  2. Letting Fee
    1. Trigger Date: Tenancy Start date
    2. Action: A new tenancy was entered.
  3. Tenant Search Fee
    1. Trigger Date: Tenancy Start date
    2. Action: A new tenancy was entered.
  4. Inspection Fee
    1. Trigger Date: Last Inspection date
    2. Action: The next inspection date for a tenant was updated.
  5. Property Condition Report
    1. Trigger Date: Fee Last Inspection date
    2. Action: The next inspection date for a tenant was updated. 
  6. Lease Preparation Fee 
    1. Trigger Date: Lease Start date 
    2. Action: A new tenancy was entered.  The "last lease renewal" date must be empty, implying the lease has never been renewed before. 
  7. Lease Renewal Fee
    1. Trigger Date: Lease Start date 
    2. Action: The lease was renewed for a preexisting tenant. The "last lease renewal" date is not empty, implying the lease has been renewed. 
 
The system will check all Management Agreements having these fees chargeable, and raise the appropriate fee if any of the tenancy trigger dates have changed, and fall within the action date period. 

For example, if your 'actioned between' date period is from  1/10/2014 to 31/10/2014 and you signed a new lease on the 2/10/2014, and the system recognises that there is a 1.1 weeks letting fee applicable to that management agreement, you will be prompted to raise a letting fee invoice for that owner. However if the tenancy agreement was dated the 28/9/2014 (tenancy start date), that letting fee will NOT be raised, since it does not fall between the date range selected in Step 1. 

You can manually change the Actioned between dates to pick up fees from a prior date if you require. 
  1. For any fee to be raised, the fee amount must be entered correctly on the Management Agreement - the charge method must not be 'Not applicable'. 
  2. Management Fees are automatically raised at the point of entering a rent receipt. 
  3. If you have previously raised the owner charge manually, the system will NOT create a second charge. Charges already raised will be shown with a !, and a notation “This invoice has already been created. The date of the invoice is (date of manual creation)”. These charges cannot be deselected 

Manual Charges

Some charges cannot be triggered to be raised according to date changes in the system (These are generally raised while processing process company fees). These charges are:
  1. Annual Statement Fees 
  2. Admin Fees 
  3. Postage & Petties 
These charges are raised for all applicable management agreements every time Raise Owner Charges is executed and can only be raised once within 
the action date period per agreement. Any of these fees that have already been raised for that period will be shown with the ! info icon, and cannot be deselected. 

Note: It is possible to raise Admin Fees more than once for the same month. For example, an admin fee could be raised by selecting 1/10/2014 - 15/10/2014 as the action period. By changing the action date period to be from 16/10/2014 to 31/10/2014, a new Admin Fee will then appear to be raised, because the date range covers a different period. 

 

Pay Company Fees and Commission

This step allows you to pay your company all fees charged to the owners. All unpaid charges raised in Raise Owner Charges and any other outstanding owner charges are displayed. 
  1. This section does NOT have a period from and to dates. All outstanding fees for all properties are shown. It does however have a Due up to date. If you have entered fees for a date beyond the due date entered, those fees will NOT be included. You should change the Due Date to a future date to bring up those fees to be paid.
  2. The Payment date will default to the Batch end / payment date as specified in Step 1.
  3. Leave all invoices selected that have available funds to pay. 
  4. Items where there is insufficient funds to pay will appear in RED. Deselect any invoices in RED.  Use the button labelled 'Deselect Errors' to help you do this automatically.
  5. Click Next
  6. If you have not deselected those records highlighted in RED, you will receive an error message and will need to deselect them before you move on.

Pay Company

This will show a summary of payments.
  1. Click Save to create the EFT payment to the trading account form the Company Ledger. 
  2. If you click next before saving you will receive a pop up waring to check if you want to continue without saving.


Create an ABA File

A new ABA file will be created as you enter this step. It will automatically include all the direct deposit EFT transactions that were created in the previous three steps.
Note: Check the transactions from and to dates on the ABA file. It will automatically be selected for batch/payment date only. This is to avoid accidentally including a transaction from a previous period.

You are able to change the from date. However, you do run the risk of including EFT payments from a previous period that have not yet been included in an ABA file.  
  1. Include all the payments by selecting the transactions to include in the ABA file (The ABA file will not be saved if you do not include any transactions). 
  2. Enter the Description of entries (required).  
  3. Check the Remitter’s name. 
  4. Enter the Date to be Processed by the bank (this will default to the day you are processing the payments). 
  5. Click Next to save the ABA file and prompt you to export the text file that can be uploaded to the bank. After exporting the file, you will be prompted to close the ABA file record so that it can be locked away and presented later.
  6. Click Yes to close the ABA file. 

Note: Once the ABA file is correctly exported you must select to close the ABA file. If you do not close the ABA file you will not be able to present it to reconcile. You can close the ABA file at a latr date if you wish. 



If you decide not to export the file by clicking the Cancel button, you will proceed to the next step regardless. You can either click Back if you change your mind, or go to the ABA File section later to manually export and close the ABA file. 

Close Bank Reconciliation

The final step allows you to close the bank Reconciliation. 
  1. Click Next to save the Bank Reconciliation
  2. A pop up box will ask you to close it if it is reconciled click yes. If not click No.

 

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