Rental expenses can be used to pass fees to owners in addition to your commissions. For example any repair, maintenance, monthly fees, or supply replacement costs can be passed to the owners via rental expenses. These expenses can be one time or recurring.
You can access the rental expense interface from Properties > Rental Expenses. Once there, click the +Add Rental Expense button to add a new expense...
One Time Rental Expenses
Click the "One-Time" tab
Click the +Add Rental Expense button
Properties: Choose the property or properties that should be assessed the expense. if you for example have a monthly maintenance fee you can create the fee and assign it to all properties at once.
Date: Date that the expense should be assessed. This date will be used in reporting, specifically on the owner statements. The expense will appear on the owner statement for the month that it was assessed.
Amount: Amount of the expense.
Account: Group the fee for bookkeeping purposes.
Who will pay?: Options are subscriber or property owner. If you want the expense to pass through to the owner statement, you must choose Property Owner. The expense will then flow through to the owner statement for that month / owner.
Vendor: Optionally assign a vendor to the rental expense. More information on creating and managing vendors can be found here.
Description: Describe the expense. This description will appear on the owner statement.
Save the expense
Recurring Rental Expenses
Click the "Recurring" tab
Click the +Add Recurring Rental Expense button
Start Date: Date that the expense should first be generated
Expire Date: Last date that the expense should be generated. If you do not select a date, the expense will not expire.
Repeat every: Set how often the expense should be generated. Recurring expenses can be setup to be assessed daily, weekly, monthly and yearly. Once the interval is selected, the interface will ask on which day you wish the expense to be assessed.
The rest of the settings are identical to the one time rental expense interface, described above.
How Recurring Rental Expenses Work
A cron job which processes all recurring rental expenses runs at 1:00am each night. Each time a recurring expense is recorded, it will show up as a single rental expense in the rental expense list and can be edited, deleted, etc. Think of the recurring expense as a template by which individual rental expenses are automatically generated.
If a new recurring rental expense is entered, and if the start date for the rental expense includes today's date, that expense will be immediately generated. If you don't want that, then the start date will need to be set to a later date.
Important!
Recurring rental expenses cannot be generated for dates in the past.
Recurring rental expenses will not show on any reporting until they are generated. For example, if you create a template to generate an expense monthly, that expense will not show on any reporting for future dates until the single rental expense has been generated according to your settings.