You might collect rent revenue on behalf of your property owners and then pass on the revenue minus your management fees. You also might keep late fees or rental application fees entirely.
No problem! You can follow these steps to record your management fees before distributing the funds to your owners.
First, you will want to set up your management fees for your company so they will automatically calculate for you when you create management fee bills for your properties.
On Step 4 of this process, you can also set up which revenue accounts get paid out directly to you, the vendor, rather than going to the owner.
Then you record that the property paid these management fee bills. (In other words, you took money out of the property to pay you, the vendor, for management fees.)
Or, you can just manually create the expenses for your management fees. This method requires you to calculate out what the management fee expenses would be if you charge a percentage of rent.
Now that you've paid out the management fee expenses from the rent revenue, you would distribute the remaining rent using DoorLoop's Owner Distribution feature.
If you've already created and paid the management fee bills for the month, but then a tenant pays late, you will need to add and record a payment for an additional management fee bill for the new revenue.
Or, you can just manually create another management fee expense.
Then record another owner distribution for the remaining rent revenue.