| dee | email | Apr 28 2015, 03:02 PM |
| When a tenant leases a building, they pay the rent to us, we deduct our management fee and pay the difference to the landlord. How do you create this scenario with landlordmax so that the schedule entries are correct? | |
| Stephane Grenier | email | Apr 28 2015, 03:38 PM |
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Hi Dee, In this case what you need to do is manually create your own Scheduled Entries. The software by default will create Scheduled Entries for your rents based on the Lease information, but in addition to this you can create as many Scheduled Entries as you like for things like Management Fees, Utilities, other regular bills, etc. Regards, Stephan Grenier Founder LandlordMax Software Inc. http://www.LandlordMax.com http://www.FollowSteph.com |
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| dee | email | Apr 28 2015, 03:51 PM |
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Thanks for the prompt reply. Manually creating a schedule entry is fine, but how do I associate it with a landlord? I can see tenant and building associations but not landlord? The only way I can see is to use the description to explain what its for, use a negative amount to show it leaving our account - is that correct? |
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| dee | email | Apr 28 2015, 03:58 PM |
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I've had a play with this and it messes up the accounting page for the landlord. I think we would have to be set up as the landlord for all properties and then somehow create accounting entries for the real landlords separately. Pity, Because so far this is the best software I've found. Unfortunately missing this vital piece of functionality kills it for me. |
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| Stephane Grenier | email | Apr 29 2015, 10:08 AM |
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Hi Dee, First thank you for the kind words, it's great to hear that LandlordMax is the best software you've found. I believe there may be two issues going on here. In terms of the landlord you don't have to associate a landlord because the landlord is automatically linked through the building. In other words if you select a building then the landlord is automatically selected for you. This is actually a better system because in some cases there will be multiple landlords for the same building. In other words selecting a landlord is redundant information. Having said that I believe you're looking for accounting functionality of your firm in addition to your client's accounting. The software doesn't do this, for that you'd need a ledger based property management software solution which as far as I've seen, generally start in the $1000-$2000/year or more, and if you add it over 5+ years, you're looking at $6000-$12,000 versus say maybe $300-$400 for the Desktop Edition of LandlordMax over 5+ years assuming you purchase all upgrades. Basically there is a very large cost difference. That being said the software works much like say a hotel software, etc. Basically it manages the finances for your operations, which in this case is your client's finances. The software is mean to be an operations software, it doesn't also manage your firms own accounting. For this you'll need an additional small business accounting software solution (and if you combine the costs of say Quickbooks for you and LandlordMax for your operations it will be dramatically lower than a combined solution). In other words, it's the same as if you use one software to say manage your inventory, to manage your loans, etc. You don't expect for example an inventory management solution to also manage your company's finances. Unfortunately with property management, because you're already dealing with money, a lot of people assume it should also handle your firms finances which isn't always a good thing. It's the same as say the software to manage a hotel at the front desk will manage the guests stay, their checkins, checkouts, their payments, etc., but it does not manage the hotel's own finances. The same is true of a restaurant ordering system, it will manage the orders, the tables, reservations, and even process the transactions from the guests, but it generally does not manage the restaurants finances, this is generally done with something like Quickbooks in addition to the restaurants operations software. LandlordMax should be viewed the same, as the operations software for your managing your clients. Regards, Stephan Grenier Founder LandlordMax Software Inc. http://www.LandlordMax.com http://www.FollowSteph.com |
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| dee | email | Apr 29 2015, 02:04 PM |
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Hi Stephan Thanks for this comprehensive response. Unfortunately I don't think the software is for me, but I will be recommending it to any clients who want to manage their own properties and ask about software to help them. Best regards, Dee. |
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| Stephane Grenier | email | May 2 2015, 04:10 PM |
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Hi Dee, You're welcome and thank you for the recommendation!! Regards, Stephan Grenier Founder LandlordMax Software Inc. http://www.LandlordMax.com http://www.FollowSteph.com |
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