Use this screen to charge or credit a Property with fees from it's related Agent:
If any share of the fee charged needs to be passed on to the Management of JV Level, then capture that percentage when requested to do so. The system subsequently puts through the relevant entries on both Agent and Management levels.
e.g. an item that is by law VAT free - interest charged
This entry creates a debtor, for fees due, in the Agent's books. The system automatically puts through a corresponding creditors entry in the books of the relevant Property.
Based on the Income General Ledger Code used for the books of the Agent, the system will use a similar expense code in the books of the Property.
e.g. 5001 Admin fees received (Agent) will post to 6001 Agent fees paid in the books of the Property
The balances due by Properties can be automatically paid as part of the month-end processes on the Management Menu, Pay Amounts Due by Properties to Agents, or by using Agent Receipt Batch from Property. Any refund or receipt reversals can be captured using Agent Refund Batch to Property.
A list of all properties linked to an Agent, with balances and transactions, is available using Agent Rentroll of Properties
Standard monthly fees charged by the Agent to a Property, as set up on Maintain/Setup Property, are be put through by the system as part of this transactional relationship.
A Property cannot change it's Agent unless there is no balance due in this debtor/creditor relationship.