Collecting payments, like association fees or late fees, is essential to the success of your business.
In this article, you'll learn how to:
- Receive an association owner payment
- Receive association owner payments in bulk
- Set up recurring association owner payments
To show that an association owner payment has been received, you'll want to update the ownership account ledger.
The ownership account ledger shows all of the charges and payments a resident makes. Many of the charges will appear in the account ledger automatically. These are things like association fees, which is set when a new association owner is added, or late fees. You can also add new charges to the ownership account ledger at any time.
Updating the account ledger to show that a payment has been received is important because it allows you to keep track of delinquent owners and enforce and automate your late fee policy.
To receive an association owner payment:
- Type the resident's name into the search bar and click Ownership account ledger next to the resident's name.
- From the account ledger, select Receive payment.
- Complete the form. Adjust the date so it reflects the actual date you received the payment in hand. This is important to avoid any late fees being charged to the ssociation owner. We also recommend completing the memo field with as much information as possible.
- Select Save payment. You will see the owner's payment reflected in their ledger balance.
You can receive tenant payments in bulk as long as the tenant has paid the balance due on their lease ledger in full.
To receive payments in bulk:
- Navigate to Associations> Outstanding balances.
- Here, you can view all outstanding balances as of today's date.
- Check the box next to all of the payments you've received in full.
- Click Receive payment in full at the bottom of the page, and fill out the form for each payment.
- Complete the form.
A recurring payment is an automated posting mechanism that shows money paid from a resident based on a pre-set frequency.
- Florence pays us for monthly parking, on time, every time; I set up a recurring payment to show these payments.
- Joey has never missed a payment in 10 years; I trust him, and have set up a recurring payment for convenience.
To set up a recurring payment for an association owner:
- Navigate to Associations > Ownership accounts.
- Click the name of the association owner you'd like to add a recurring payment for.
- From the account summary page, click the Financials tab.
- Click Recurring transactions, then Add recurring payment.
Click Add recurring payment.
Complete the form.
- Click Add recurring payment or Add another recurring payment.
If you need to cancel a recurring payment after it's been added:
- Navigate back to the recurring transactions page of the ownership account ledger
- Click on the payment
- Click Edit recurring payment
- Select Delete recurring payment, and confirm the deletion.