General Owner Account Settings
It is very important to configure the settings on this page, prior to processing transactions to the Owner Account. Configuring these settings accurately, will prevent any financial errors on the owner statements. Please keep in mind, these are global settings that will apply to all owners in the system.
1. Minimum Owner Account Balance - The minimum owner account balance is the owner reserve amount. The owner must maintain this amount on a monthly basis. If the owner is below the minimum requirement, the system will require an owner payment that amounts to the minimum requirement. If the owners balance is above the minimum, the system will display an amount due to the owner. This can be overridden on a per owner basis, within Quick Property Set Up.
2. Tax Setting - When disbursing rental income to the owners statement, send either the net or the gross amount. The net amount is the rental income excluding tax. To send the net amount, enable this setting. To send rental income including taxes, disable this setting. Typically, there are three scenarios that apply for this setting:
- The property manager is remitting taxes on behalf of the owner and DOES NOT want to itemize the tax on the owner statements. Therefore, sends the net rental income and should check this setting.
- The property manager is remitting taxes on behalf of the owner, and DOES want to itemize the tax on the owner statements. Therefore, sends the gross rental income and debits the tax as a separate line-item and should uncheck this setting to send the gross.
- The owner is remitting the tax, therefore, the gross rental income is sent and should uncheck this setting to send the gross.
Please note, once this setting has been enabled or disabled, it is not recommended to go back and change the setting, as it can change the financials that have already been disbursed to the owner.
3. Owner Account Monthly Print View - The system provides two options for the owner statement layout:
Option #1: Classic- transactions will appear in chronological order.
Option #2: Grouped- transactions are grouped together based on type and category.
To preview the layout which can be changed at a later date, please go to:
1. Accounting Functions
2. Owner Account
3. Print (preview the statement)
4. Show payment link on owner statements? - Applies only when a valid Merchant Account is configured. This allows the owner to click the link to submit a payment using their credit card.
5. Statement Footer - Enter information to appear at the bottom of the owner statement. This is usually payment information and terms. This information is not specific to each property, therefore, enter general information to appear at the bottom of each owner statement.
6. Deduct Owner Charges - from base rental amount when calculating MC commissions as a percentage of base rental. If Owner Charges are configured, the amount will be deducted from the base rental before calculating the MC commission.
7. Deduct Discount Extras - from base rental amount when calculating MC commissions as a percentage of base rental. If a discount code is applied, the discount will be deducted, and then the MC commission will be calculated.