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How to take monthly management fees on a Management Company

Zenya Allen
Zenya Allen
  • Updated

If you are using the Service charge module and wish to deduct your management fees monthly, from the Management Company, the steps below will take you through the process.

This article includes: 

Add your agency as a Contractor

First, you will need to set up your agency as a Contractor.
For more information on How do I add a new Contractor, click here

Add the management fee

  1. Double click Contractors from the side menu
  2. Search for the Contractor, set up as your agency
  3. Select the Contractor
  4. Click Post Property Expense
    1. Tick Search for Head Properties Only 
    2. Select the Property
  5. The Post Property Expense will display
    1. Date - Add the date of the invoice or todays date
    2. Ref - Add the invoice number if available
    3. Schedule - Select the schedule which you will be charging the management fee. If the schedule does not appear, it is because the schedule has not been Confirmed and Posted, or has been Archived
      For more information on How do I set up a Service charge budget, click here
    4. Section 20 - Leave unticked as this only applies to maintenance
    5. Item - Select Management Fees from the dropdown menu. The list displayed are the items set up in your budget for this schedule. If Management Fees isn't listed, you will need to add Management Fees to the budget for that Service charge schedule
      For more information on How do I set up a Service charge budget, click here
    6. Tax Category - Will automatically be allocated but can be changed using the dropdown menu
    7. Description - Type in the details of the invoice i.e. Management Fee
    8. Amount - Add the amount of the deduction
    9. VAT - Add a breakdown of the invoice, if required
    10. Per - If this is a recurring expense, add the frequency
      For more information on How do I add and manage a recurring Contractor expense, click here
    11. Click Update Expense
    12. Click Close

The invoice will show on the Management Company ready to be deducted when the Management Company payment is updated.

Update Management Company payment

  1. Click on Management Company from the side menu
  2. Click the magnifier icon, Find a Record, on the toolbar
  3. Select the Management Company
  4. Click Payment
  5. The Pay Management Company will display
    1. All income and expenditure will be listed. Untick any you don't want to include in the update
    2. Click Update
    3. Click Yes to confirm
    4. Click Close

The management fee will appear in Pay Agency Fees.
For more information on How do I pay agency fees, click here

A record of the updated payment will appear in the History Log. Click on the book icon to view, if required.