Once you’ve added a new rental owner and his property to your portfolio, you typically have signed a new property management agreement with your client before in which you laid out any owner contribution to the reserves. This is the most typical contribution that you want to record and have the owner wire into your operating account. This is typically referred to as an owner contribution.
A. Add an owner contribution
Follow this steps:
- Go to accounting > add income
- Enter date and due date
- Select rental owner
- Select property that this relates to
- Select Owner contribution
- Enter amount
This amount will appear to the rental owner as a charge.
Once payment from rental owner has been made, the transaction record needs to be marked as paid, similar to all other income transactions.
Click here to find out how to mark a payment as paid
B. Edit a owner contribution
You can look up the income transaction record for owner statement and simply click edit, make the required changes and save.
C. Delete a owner contribution
As long as no payment has been recorded you can simply delete the income transaction for owner contribution. Simply look up the transaction record from the accounting table.
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