Financial Center

Now we come to one of the best parts of PMM !

Let us start with a clear statement: Property Managers normally are not bookkeepers or accountants!

PMM has been created by Property Managers for Property Managers and therefore PMM is not an accounting software!

 

The originators of PMM paid very much attention on keeping the accounting part of PMM as simple as possible. The PMM Banking Center is used to write checks, to make the bank reconciliation and to generate the reports of uncollected checks, needed for the State Reconciliation Requirements.

The trust accounts of a property manager (Escrow or Tenant’s deposits account and Operating or Owner’s operating money account) are in the company’s balance sheets evidenced as liabilities to Tenants and Liabilities to Owners.

Please remember that PMM will not run your company. PMM will run your property management division. Every other activity of a Real Estate office is not taken care by PMM. You can manage the administrative part of your full Service Real Estate office with Quicken or Quickbooks by creating more accounts independent from the accounts under PMM Management.

You do not need to open accounts or sections in Unit Transactions. By entering a new unit you automatically create the relating Account with three different sheets:

1.) Income: All payments concerning this unit coming from the reservation screen will be transferred automatically by PMM to the income screen indicating the reservation number and the description of the payment that you enter in the payment section of the reservations (Example: Res: 67 Cleaning or Res: 85 Late rent fee).   When you send the relating Owner confirmation letter from the reservation screen to every owner, he will be able to identify the origin of this payment on his statement.

Important note: If an owner sends you money for repairs or other uses, it is not income for this owner and must be entered directly in the income section of Unit Transactions! This amount will not be included in the 1099 for this owner.

2.) Expenses: In this section all commission payments will be transferred directly from the reservations screen. Also, all posted Work Orders will be transferred by PMM directly to this screen. The property manager can enter all kinds of expenses manually but must make sure that the relating Vendor has been entered in PMM and shows up on the scroll function.

Important Note: Only payment of authorized and entered vendors is possible with PMM! The network version of PMM requires a password for certain levels of office staff and independent agents to enter a new Vendor in PMM.

3.) Escrow: PMM accounts all security deposits and/or refundable payments made by the tenant in this section. The security deposit must be entered through the reservation screen by checking the Escrow box. In this case the automatic Refund Deposit button on the reservation screen will allow you to disburse accordingly. This function will also track the charges side to avoid false statements on the Rent Due Report. You can also enter data manually in the escrow account without passing the reservation screen.

Negative or positive balances on the owner’s accounts: In the upper bar on the screen you will find the actual balance of all three accounts plus the current balance on the account of this owner. If the amount is blue, the account of this owner is positive. If the amount is red, the account of this owner is in a negative balance

How do I send funds to Owner?

On the upper right side of the Income screen of Unit Transactions you will find a button called “Funds to Owner”. C and a window will open showing the current balance on this unit. If the amount is blue, the unit has a positive balance.

Enter in Date the date in which you would like to send the funds to the owner.

Enter the agreed amount as the retainer or operating money in to remain on the account and the system will calculate the difference and automatically make the request for the funds to owner.