You can now track rental transactions. There is a new option in the Add Transaction page for Rental. Check that box and you’ll see some of the fields change over to rental specific fields.
You can track the Rental Amount and Leasing Commissions fields in whatever format works for you. For example, if the commission was one months rent and the rent is $3,000 per month, you could add $3,000 to the Rental Amount, and for Leasing Commission you could enter 100%. If your agent is on a 50/50 split plan then when you run the disbursement, it will calculate the agent’s commission as $1,500. Or, you could put the gross annual rent amount $36,000, and for the Leasing Commission put whatever percentage 1 month equates to, in this scenario it would be 8.3%. This would calculate a gross commission of $3,000 on the disbursement.
Once you’ve closed out the transaction, the data will flow to a new report called ‘Rental Office Commission’ which is under the Reports menu.
The rental income will not show up on the Office Commission report. The rental income will show up on the Agent Commission report as well.
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