Invoicing an owner for management fees

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  • Invoicing an owner for management fees

    Posted by on 17 August 2021 at 3:48 pm

    One of my owners does not want the fees automatically deducted, she wants her rent disbursed and then for us to invoice her separately for her the commission. I’m new to Console and can’t figure out how to do this?

    Emma replied 1 year, 9 months ago 2 Members · 1 Reply
  • 1 Reply
  • Emma

    18 August 2021 at 12:42 pm

    Hiya! Great question thanks for sending it through. As Cloud is a trust accounting system, invoicing to your owners isn’t necessarily something that’s been built into the system as a separate entity. The statement that you send your owners at end of month with your fees on there is actually a tax invoice in itself for your services. While currently there’s no capability in Cloud to be able to separate statements for income and agency fees, you could potentially create yourself as a creditor in the system then remove the fees from the owner agreement, you would need to then create an invoice separately, potentially as a word document with your applicable information on there to send to your owner to pay.

    When the owner pays you for your services, you can then create a misc receipt into the agency creditor you’ve created.

    I would recommend however chatting to your auditor to see how invoicing your owner separately would be seen as part of their agreement would likely outline that fees will be deducted from their income.

    I hope this helps, but let me know if you need more clarification!