How to set up a fixed charge ( Fixed Management Fee for example)

If you charge your owner a fixed charge management fee, you will need to set up a recurring charge. This will need to be processed each month. The following instructions are the same for setting up any recurring fixed charge. You can set up more than one fixed charge for each property.

 

Instructions:

  • Go to Property List, right click on the required property
  • Click on Diary, then click on Charge

  • Description: i.e Monthly statement fee.
  • Group: Selecting a diary group is not necessary. If you want one, select Fixed Management Fees from the drop down box. (If this is the set up time, you may need to click on the ... and add a group called "Fixed Management Fee"
  • Agent: It will default to the user who is logged into Palace, change it if necessary.
  • Start Date: Set this date for the date that you want to charge this fee each month i.e 25th
  • Repetitive Period: Set the frequency you want this charge to repeat i.e Monthly
  • Charge: Enter in the Fixed Management Fee amount
  • Ledger Account: Select an existing fee ledger or set up a new one for Fixed management Fees.
  • Click Save

NOTE: You can use this charge function to set up recurring charges i.e statement fees. This function is attached to your ledgers only, it will move money from the property to whatever ledger you have set up. You cannot use it for repetitive creditor invoices i.e rates (this can be done in the Creditor Diary - Invoice)

 

Processing the recurring Charges i.e Fixed Management Charge:

  • On the date that you have set up the repetitive charge i.e 25th of each month, these fixed management charges will show in your Reminder screen under the charges tab.

  • Select all the entries that you wish to process
  • Click on the This will take you straight to the Transaction screen
  • Click on process.
  • The money has now been taken off the property and moved to the relevant ledgers. Close the transactions area
  • Palace has rolled over this charge and created a new one to show in one months time.

 

Related Links:

 

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