Owners > Owners
The owner is the person or group of people or organisation who owns the properties we are managing. If we are a landlord ourselves, then the only owner is ourself. If we are a property manager, we will most likely have multiple owners.
The short code field is used to enter a short reference which will be easy for you to remember later such as the owners surname. Short codes are often used in popup combo boxes when referring to the owners.
The Full Name and address provides you with more information about the owner.
The Business Entity allows you to specify which business entity this owner is under. See also Business Entities.
The closed option, if ticked, means we no longer manage their properties. Closed owners are removed from select lists.
Contacts Tab – You can add as many additional contacts as you need. One contact is marked as the primary contact, and this person is the one correspondence is sent to. See also Contacts.
Disbursements Tab. – Disbursements are the amounts paid back to the property owner. The system will automatically calculate the management fees as either a percentage of rent received or a fixed amount or both. Management fees should be entered inclusive of any taxes. The actual calculation of disbursement amounts and fees are done via the Disbursements menu option.
Also on the disbursement tab is an expense fee override percentage or value. You set up a default fee percentage or value on the expense group. This setting allows you to over-ride the default setting on the expense group on a per-owner basis. So you might charge some owners more or less fees for expenses such as repairs. This only applies to expense groups where the ‘Charge an extra fee to the owner for these transactions’ option is turned on.
Also on the disbursements tab is the reserve amount. A reserve is a quantity of money retained by the property manager from the owner in order to cover costs which may be incurred. If the reserve amount is set, the reserve amount is deducted from the amount paid to the owner at the next disbursement. If the reserve amount is reduced, the excess amount of reserve money is paid back to the owner at the next disbursement.
Each owner can be individually marked as disbursement tax exempt. This means that even though there may be a disbursement tax rate set at a system level, the actual tax charged to this owner on their management fee will be zero.
Notes Tab – Notes are a way of adding additional information to the owner such as emails or reminders. See also Notes.
Attachments Tab – Attachments are files which are associated with the owner such as photos, scanned documents, PDF files etc. Any file type can be added. See also Attachments.
Extra Fees Tab – Extra fees are an amount charged to the owner in addition to their regular fee amounts as set on the disbursement tab. For example you might charge the owner an extra amount each time a property inspection is done. This amount is subtracted from the disbursement amount paid to the owner. See also Extra Fees and Disbursements.
Properties Tab – The properties tab is a shortcut way of accessing the property details of the properties owned by this owner. To specify an owner owns a particular property, you choose the owner on the property details screen. See also Property Details.
Custom Fields Tab – Custom fields are used to add additional information not provided by the original fields on the owner screen. For example you might want to add a GST number or a social security number. Once added, custom fields are available for all owners. See also Custom Fields.
Information Tab – The information tab provided calculated information about this owner such as the last disbursement amount and the anticipated amount to be disbursed when the next disbursement is calculated.