You enter the rent payments and all
other accessory payments which are an income to the owner
exclusively in the reservations field under Payments.
Enter in the first column the date of the payment and move to
the next field with your TAB
key on your keyboard. Enter the description of the fees paid
with this payment.
(Note: make sure that the entered payment is
matching in amount with the charges in the upper field).
Move with the TAB
key on your keyboard to the next field and enter the payment
method. A choice of default methods will be available with the
scroll option. Note: You can’t type other
methods than the default ones!.
Move with the TAB
key on your keyboard to the next field and enter the payment
number. Here you will enter the check number or the Credit Card
Number. In case of cash, this field is left blank.
Move with the TAB
key on your keyboard to the next field and enter the
Expiration. This field is in use with Credit Card payments only.
(Note: PMM will not provide you with credit
card authorization but allows you to track that type of
payment.)
Move with the TAB
key on your keyboard to the next field and enter the amount of
the payment. (Note: Make sure to
enter the amount including all taxes previously set up in the
single units. PMM will understand if it is a short term
reservation or a long term lease and subtract any taxes.)
Move with the TAB
key on your keyboard to the next field and check the first
check box Escrow
only if the amount paid is refundable to the tenant.
All Escrow amounts are separately accounted for in PMM and the
refund to the tenant (or to the owner in case of a claim) is
made automatically.
Move with the TAB
key on your keyboard
to the next field and check the second check box
Arent
only if the paid amount is taxable in the case of reservations
or is concerning rent payment for Leases. In case of
taxable Reservations the system will calculate the
default sales Tax and Tourism Tax.
Move with the TAB key on
your keyboard to the next field and check the third check box
Commission (Comm) Check this box only if you will charge your
pre-set default commission for this Reservation or
Lease
C on the Post
button in the upper bar of the field and your transaction will be
transferred automatically to the unit transaction field.
Note: PMM generates automatically a Sales Tax and
Tourism Tax report for every county, post the payment as an income
to the owner and charges automatically the agreed default commission
on the expense part. PMM also will issue a check
for your commission. Also in case of rent not paid, you are able to
generate a report showing all late rent payments to allow you to
post late tenants.
Very
important Notice: All payments entered in the reservation field are
income for the owner and PMM generates the 1099 and 1042 IRS Income
statements from these entries.
Is
it possible to verify if a transaction has been posted correctly?
Yes! By CC on the date
of the payment in the Reservations screen, it will open the Unit
Transactions screen of the relating owner.
What
happens if I entered a transaction with wrong data?
All entries can be deleted or modified
before posting the transaction. After posting the transaction,
you must make a reverse operation calling it Audit Adjustment or
any other expression to identify a corrected entry.
Note: Make sure to make the same reversed
transaction on the charges field to avoid incorrect reporting of due
amounts.
