Buildium supports the ability to charge a single late fee that is split among multiple income accounts. This feature is especially helpful when a property management company splits the late fee with the association or rental owner.
To set this up:
- Go to the appropriate late fee policy.
Add account to post late fee income to a second account. A second drop down list will appear.
- Select the second income account from the drop down list.
Don't see the account you need? Add it in your chart of accounts. Usually, this second income account is a management income account.
Most of the time, your management company keeps some of the late fee and the rental owner keeps the rest. If this applies in your case and you do not want to collect a management fee on the portion that the rental owner keeps, make their income a non-commissionable income account in your management fee policy.
- Type the percentage of the charge that should be applied to the primary income account.
- Make any additional changes to the late fee policy that are needed.
- Click Save.