Show/Hide Left Menus Owner Information
This module is where you tell ManageUDA who your clients are. More specifically, it records who you are going to be charging management fees to. There are a few functions this module provides that will help you accomplish procedures easily in other sections of the program. The first is automated calculations of how much the charge will be to Owner/client for management services (see Process Management Fees?). The second is the system creates Owner filters. When running reports, the use of these filters will allow you to pull information related to one client to the exclusion of others. This is extremely important for those running a Trust account for multiple Owners as the need to parse information is critical to determine the financial contribution and distribution of each client individually. A third automatic function is that it creates a user profile for Owners to log into the ManageUDA Portal? to allow them access to the allowed reports. You will still need to set a username and password before they can log on, but the following steps creates a profile for them for the time you allow them access.
Step 1 - Open Owner Information screen
Accounting | Owner InformationStep 2 - Select Add New
Using the drop-down, select Add NewStep 3 - Add information
Fill in all the Fields. The only mandatory field in the 'Legal Name'. This will become the reference to this Owner on reports and drop-down selections.Step 4 - Select Owner's property
Using the Building drop-down, select the building owned by this Owner.- If they own all building units: Select All Units.
- If they do not own all building units: Select the 1st unit.
Step 5 - Enter % Owned
If the unit/building is held in partnership, you can enter the percent owned by this client and the remaining to a different client(s). Reporting will be affected as any income statement will calculated at this percent (E.g. Every Income and Expense item will be processed by the % entered here). NOTE: Fees will be calculated based on actual Owner Income (i.e. If the client is being charged 10% on income, it will be calculated on that Owner's income and not total building income. You can therefore have unique charge structures to each partner).Step 6 - Enter Investment
OptionalStep 7 - Set Management Fees
The system allows a few calculation methods:- Fee by % - This calculates a management fee by multiplying the total rental income by the % entered. (Number is entered as a percent and not with decimals. E.g. 8 percent should be entered as 8 and not 0.08)
- Set Fee - This ignores any income or expenses and simply will apply the charge using the amount posted here.
- Min Fee - This can be used in conjunction with Fee by %. If the Fee by % calculates to less than the Minimum Fee, the Minimum fee will over-ride the percent calculation and the minimum fee will apply.
Note: If you will be entering multiple units for one owner or if your charge structure is similar for all your clients, you can enter these numbers into the 'Management Fees' box. This will default the 'Fees' box to always return to your defaults.
Step 8 - Click Add
This will save the property, fees and ownership values into an individual line item in the box to the right. Be sure to check your work as a mistake here may cause reports to generate incorrectly and the Management fee module to calculate improperly.Step 9 - Repeat for more units
Return to Step 4 to add more properties to the Owner ProfileTo correct a mistake in any of the properties added, simply click on the created property line in the lower-right box and click 'Remove'. You will now be able to add the property back in following steps 4 and on.
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