Use this screen to charge or credit a property with fees from its related Agent:
If any share of the fee that has been charged needs to be passed on to the Management JV Level then capture that percentage when requested to do so, and the system will put through the relevant entries on both the Agent and Management Levels.
An example of an item that is, by law, VAT free, is interest charged:
This entry creates a debtor in the books of the Agent for fees due to the Agent. The system automatically puts through a corresponding creditor's entry in the books of the relevant Property.
Based on the Income General Ledger Code used in the Agent's books, the system uses a similar expense code in the Property's books -
eg. '5001 Admin fees received Agent' will post to '6001 Agent fees paid' in the books of the Property. The relationship between the codes is set up using Agent to Prop. Charges - Inc/Exp NNLA's
The balances due by Properties can be automatically paid as part of the month end processes on the Management Menu, Prior Periods Sundry Payments, or by using From Property Owners for balances on their account with you. Any refunds or receipt reversals can be captured using Properties (Owners) for balances on their account with you.
A list of all Properties linked to an Agent, complete with balances and transactions, is available using Fee Roll of Properties (Owners)
Standard monthly fees charged by the Agent to a Property, as setup on Maintain/Setup Property, are put through by the system as part of this transactional relationship.
A Property is not able to change its Agent unless there is a zero balance due in this debtor/creditor relationship.