Open topic with navigation

Management Fees

Make the following menu selections to open the Management Fees menu item:

Setup—Property—Additional—Management Fees

Use this menu item to manage Management Fees. You can:

The accounts you set up should be reserved for use by management fees only.

Fields Lists

Header

Add Management Fee (button)

Select this button to add a management fee. Refer to the add instructions later in this topic.

Grid Fields

Description

The description of the management fee. The label is a link that you click to open the General and Expense Codes tabs to view or edit details.

Vendor

The vendor of record for the management fee.

The Vendor column only shows when management fees are set up to not transfer to G/L. Refer to Transfer Prerequisites in the Management Fee Overview for details.

Delete Delete icon (button)

Use the Delete button to delete the associated Management Fee. Refer to the delete instructions later in this topic.

Click a link or the Add button and this tab appears. The fields that appear depend on the global and property policies you have set up (refer to Management Fee Overview).

A red circle ( ) indicates a required field.

Description

Enter or edit the description of the management fee. Do not include any special characters in this entry. This description displays in drop-down lists and on reports.

Include Prior Adjustments (check box)

This option defaults as unchecked.

Unchecked (default) - The system does not include prior period adjustments in the calculation.

Checked - The system includes prior period adjustments in the calculation.

Minimum

Enter or edit the amount to be used to calculate the minimum Management Fee that should be charged for this property in a month. This amount is used in the calculation of what the minimum monthly Management Fee should be for this property as a whole, i.e., for all income codes.

Note that there is another Minimum field that is associated with each income code, which is used in the calculation of the minimum Management Fee for that income code only

Only when End of Month Calculation is selected in Processing for Calculate Management Fees is the amount in this field used; however the Calculate Management Fees process can be run more than once a month, with the End of Month Calculation turned off.

For example, the process is often run once a week with End of Month Calculation turned off and then at the end of the month with End of Month Calculation turned on; this last action ensures that the minimum Management Fee is charged for the property.

End of Month Calculation is off:

The Minimum for the property is not used.

End of Month Calculation is selected:

The system verifies that the total calculated Management Fees (for all income codes) for the month, meet the defined Minimum amount for the Property.

The system compares the Property Total Percent Fee amount to the Minimum amount.

When the total of these Percent Fee amount is less than the Minimum, then the difference is charged for the Management Fee so that the property minimum is met.

When the Property Total Percent Fee amount is greater than or equal to the Minimum, then nothing additional is charged for the Management Fee for the income code.

Vendor

The vendor code assigned to the management company that receives the Management Fee.

Click the Lookup to display the Select Vendor pop-up and select the vendor code assigned to the management company. If you plan to importing management fees to AMSI's accounts payable system, then vendor codes must match exactly.

Vendor only shows when management fees are not set up to not transfer to G/L. Refer to Transfer Prerequisites in the Management Fee Overview for details.

Code / Description

Locate the income code you want to assign a Type, Percent and Minimum to, and then complete those fields.

All income codes appear for the property, however only the ones used are saved and appear on reports or are used in processing. Codes appearing on this list are established on the Income Codes Tab.

Type

Select or update the management fee type using the drop-down list. The following fee types are possible:

Payments (default) - Select this option when you want to enter payments for the fee.

Billings - Select this option when you want to enter billings for the fee.

Percentage

Enter or edit the percentage to use when calculating management fees, including four digits after the decimal point.

Minimum

A percentage used to calculate the minimum Management Fee that should be charged for this income code in a month.

NOTE that only when End of Month Calculation is selected in Processing for Calculate Management Fees is the percentage in this field is used to calculate an amount to be used for comparison.

End of Month Calculation is off:

The Minimum is not used. The Management Fee is calculated for each Income Code.

End of Month Calculation is selected:

The system verifies that the income code’s Management Fees for the month, meet the defined Minimum amount for the Property.

The system compares the income code’s Percent Fee amount to the Minimum amount.

When the income code’s Percent Fee amount is less than the Minimum, then the difference is charged for the Management Fee so that the property minimum is met.

When the income code’s Percent Fee amount is greater than or equal to the Minimum, then nothing additional is charged for the Management Fee for the income code.

Introduction

The Tab that appears with the General Tab varies based on whether you are posting to AP, GL or Neither (i.e., not set up to transfer Management Fees). Refer to Transfer Prerequisites in the Management Fee Overview for details.

Add Property (button)

Click the button to add a new property. A new set of fields appears for you to complete.

Property

The property associated with the Management Fee.

Click the Lookup to display the Select Property pop-up and select the Property to affect when processing the transfer to accounts payable for this Management fee.

Delete Property (button)

Click the button to delete the set of fields for the property. There is no confirmation message. The fields are deleted immediately, although the deletion is not saved unless you click the Save button.

Expense Code

The Expense Code for the Management Fee.

Click the Lookup to display the Select Expense Code pop-up and then select the account for the Management Fee.

These fields are available only when transfers are set up to A/P.

Prerequisites

Prior to setting up to management fees to transfer to A/P, you must have set up Expense Codes.

Save (button)

Click Save to save your changes. Deletions do not take place until you click Save.

Add Entity (button)

Click the button to add a new Entity. A new set of fields appears for you to complete.

Entity

The entity associated with the Management Fee.

Click the Lookup to display the Select Entity pop-up and select the Entity to affect when processing the transfer to the general ledger for this Management fee.

Delete Entity (button)

Click the button to delete the set of fields for the entity. There is no confirmation message. The fields are deleted immediately, although the deletion is not saved unless you click the Save button.

Debit Account / Credit Account

The debit/credit accounts for the Management Fee.

Click the Lookup to display the Select Account pop-up and then select the debi/credit account for the Management Fee.

These fields are available only when transfers are set up to G/L or Neither.

Prerequisites

Prior to associating accounts to management fees, you must have set up a general ledger for each set of books to which you plan to transfer data.

For example, if you are keeping a set of books on a Cash basis and another set on Accrual basis, then you should have two entities set up. Each entity should be associated with a general ledger account. The general ledger account label on the page changes based on the setup you selected. The label can be Cash Account or Accrual Account.

Profit Center

Use the field to enter or edit the general ledger debit or credit account for the profit center for the Management Fee.

Save (button)

Click Save to save your changes. Deletions do not take place until you click Save.

Procedures

To Add a Management Fee

To Edit a Management Fee

To Delete a Management Fee

To Print a Management Fee List

See Also

Management Fee Overview

Setup Questions Management Fees - General Tab

Setup Questions Management Fees - Accounts & Expense Codes Tabs

 

Copyright © 2018 Infor. All rights reserved. www.infor.com.