My property has a manager. They receive the rent, $1000, from the tenant, deduct their fee, $100, and send me a distribution monthly. How do I record this type of payment? I’m only receiving $900 in the transaction.
Thanks
Are you receiving the $900 into your transactions via a linked account? I do mine manually, and account for the entire income of $1,000 (in your example), and then add an expense for management of $100. I suspect you’d be able to go in an edit your linked transaction to increase it up to $1,000 and then add a new one. This issue is actually the reason I’m doing all of mine manually anyway. If I’m going to have to go back in an edit a linked transaction… I figured I may as well enter it the way I want to in the first place.
What I do is modify the transaction by splitting it. In your case, I would split it into a positive $1000 (categorize this as ‘rent’) and a negative $100 (categorize it as management fee). This way the transaction is still $900 and you’re tracking both entries.
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Until we get integration with Buildium and/or Propertyware, is there a way to automate this process?
@graham.singer We do now support direct imports from Propertyware: Connecting Stessa to Propertyware
For unsupported PM accounts, the approach suggested above works best!
But not buildium, right?
@graham.singer Correct. For Buildium, you’ll want to use the CSV file importer since there is currently no direct integration with Stessa.
Just building on this topic, now that we have propertyware integration (THANKYOU), I wanted to ask for a little clarification. My PMs essentially collect the gross rent, net out expenses for the month, and then credit me the balance. This shows up in two places that Stessa has visibility to. The first is in the way of a credit in my business checking account. The second is as an Owner draw debit in propertyware. How should we be handling those two transactions? Should we keep as-is in Stessa or do they need to be manipulated?
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I have the same question as @brianpalmer123, does anyone know who to handle this properly? (in an automated way, not manual split)
thanks
I have the same question as @brianpalmer123, My PM essentially collects the gross rent and nets out expenses for the month, and then credits me the balance into my bank account which Stessa imports. Does anyone know how to handle this properly? (in an automated way, not manual split). When there are many repairs each month, My bank account only shows the PM income minus all the expenses that the PM deducted. Should I just categorize that bank income from the PM as owner distribution instead and manually enter my true rental income and expenses?
thanks
@gt1 Yeah, I classify the incoming gross rent as income:rent. Then I classify the PM’s deposit into my account which is net of all expenses as a transfer. Because all of my PMs use Appfolio or Propertyware all of the individual expenses are captured automatically so it all works out in the end. If you have a PM that doesn’t use Appfolio or Propertyware you’d have to manually capture the rent and individual expenses. When i recently hired a new PM for one of my properties, having Appfolio or Propertyware became a prerequisite.
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Thanks for confirming.
@brianpalmer123 Thanks for this helpful explanation.
Because all of my PMs use Appfolio or Propertyware all of the individual expenses are captured automatically so it all works out in the end.
I have a PM that uses Appfolio. Are you somehow linking reports into Stessa? Or are you doing this all manually in Stessa re the net and itemization of deductions?
cheers!
Deena
@deenakalai
Yes. Simply navigate to Stessa’s “data sources” tab and select “+property manager”. Use the URL and login credentials for the Property Manager’s appfolio owner’s site and Stessa will automatically download the individual transactions directly from appfolio. Saves a lot of time!
Thank you so much, Brian!
So I want to dig a bit deeper into this topic.
Since Stessa hasn’t integrated Buildium (property management software), I was able to upload CSV from Buildium into Stessa. Prior to download, I change all the positive number into negative, vice versa. This is where I need help,
On 1/26/21, Buildium have a transaction of negative $1690 list it as owner draw, because my property management send me $1690. On 1/28/21, my chase account receive that $1690 from my property management company.
So in Stessa, there is a positive entry from Chase of 1690.55. and there is a negative entry from Buildium of 1690.55
So my question are
What should I categorize the positive 1690 from Chase LLC checking? Transfer (owner’s distribution)?
What should I categorize the negative 1690 from Buildium? Transfer (owner’s distribution)?
So they should just cancel each other out?
I sarted adding a bogus credit in the landlord section with a note… but that is not as good as the editing the split section. Then again, how does the rental income show or not show under transactions?
This was SUPER helpful. I found that STESSA was doubling my actual income because of the income reported from my PM on Appfolio, and then the Owner Draw into my bank account. Converting the owner draw to be classified as a transfer instead of income fixed this problem. All because of your reply! Thank you!
sweet, very glad it was helpful!