Attaching an Owner to a Unit

The following article explains how Owners can be associated with Units in OA.

In order to produce Statements in OA, Owners must be attached to their corresponding Unit(s).

Go to Configuration Settings > Units.

Next, select the “View” button next to the Unit that you wish to setup.

Unit Detail

Begin with setting up the Unit Detail, select the Edit button in the Unit Detail section of the screen.

Unit Detail

Fill in the following information:

  • Revenue Factor – Used if a property is pooling the owner’s revenue. This determines how the revenue is divided amongst the owners. The numbers entered into the Revenue Factor for all the units in a pool will be totaled and then divided to determine the owner’s percentage of the pooled revenue.

    For example: Units 101, 102 and 103 are all part of Pool A.
    Unit 101 has a Revenue Factor of 25
    Unit 102 has a Revenue Factor of 50
    Unit 103 has a Revenue Factor of 25
    All 3 units total 100. Therefore:
    Unit 101 gets 25% of the revenue (25/100)
    Unit 102 gets 50% of the revenue (50/100)
    Unit 103 gets 25% of the revenue (25/100)
    If Pool A brought in $1200 on April 1st, the revenue would divided as follows:
    Unit 101 gets $300
    Unit 102 gets $600
    Unit 103 gets $300
    For a total of $1200
    A common way of determining the factors are by what the total square footage of the building is and what portion belongs to the individual units. NOTE: Various factors such as Owner Stays, Owner Guest Stays, Closed Rooms, etc… can affect how revenue is distributed. For more information, please see article Pooling Revenue in the OA manual.
  • Expense Factor - Used if a property is pooling the revenue or using a management spilt equation with their statements. The expense factor is generally calculated in the same fashion as the revenue factor.
  • Pooled - It will default to what ever is set in the property set up, but it can be changed here if required.
  • Area - for multiple property management contracts with the owners, the area to which this unit belongs must be entered. (NOTE: Areas should be setup under Configuration Settings prior to continuing. See the Property & Configuration Settings section of this document for more information)

Next, select Add in the Owners section to add an Owner.

Input the following information:

  • Select Owner – click on this link to find the owner of the unit. Select the owners name from the list of Owners to attach the owner to the unit.
  • Start Date – when first entering an owner into OA, the start date will need to be set to the 1st of the current month that OA is currently set too. If unsure of the current month, click on Statements; the month showing in this area is the month that OA is currently in, and therefore, the owners start date will be the 1st of that month.
  • Tax Expenses – enter yes to have the taxes posted on the Expense Transaction Codes apply to this owner. This applies to manually posted expenses, recurring expenses and occupancy expenses posted on the owners unit.
  • Withholding Taxes – enter yes if withholding taxes are being taken on the owner’s behalf.
  • Collect Taxes – enter yes if providing the owner with the revenue for taxes that must be remitted to the government, therefore transferring this responsibility to the owner.
  • Unit Share – If this is the first and/or only owner then it will be 100%. If there are going to be multiple owners on a unit set the first owner at 100% and then add the 2nd owner and then scroll down the bottom of the page and modify the percentage of each owners share. The Unit Share can not exceed or be less then 100%.
  • Min. Cheque Amount – This will be automatically filled in if a minimum amount was set on the property page. This amount may also be set manually individually for each Owner. This will be the minimum amount you would pay the owner. If the Min. Cheque Amount was not reached, the amount would be rolled over to the next month.

Once the above information has been filled in, click Save.

Adding Management Fees

Next proceed to the Management Fees section and select the Add button to add the Management Fees that will be charged to this owner. (If no management fees apply to this owner then skip this section)

Adding Management Fees

Enter the following information:

  • Transaction - Attach the transaction code that was created for Management Fees.
  • Percentage of Revenue - Set to yes if amount is a percentage, otherwise, the amount will be recognized as a dollar amount
  • Amount - the amount charged to the owner for managing their unit (ie: the properties percentage of the revenue).

Click Save when finished.

Select Back to Unit to proceed with adding Occupancy & Recurring Fees to the Unit.

Adding Occupancy Fees

In the Occupancy Fees section select the Add button to add occupancy fees to this unit. Occupancy Fees are used to charge owners, owner guests and guests a fee when the unit is occupied. The most common type of Occupancy Fee you might charge is a housekeeping fee.

Adding Occupancy Fees

Fill in the following information:

  • Transaction – Select the corresponding transaction code for the occupancy fee
  • Frequency – Choose if the fee is charged once Per Day, or once Per Stay
  • Cleaning Fee – Select Yes if this occupancy fee is related to cleaning the unit
  • Type – Select a type if this fee applies specifically to owners, owner guests, guests or all guests that stay in the unit.

    NOTE: If the cleaning fee is different for owners, owner guests and guests, it may be necessary to create 3 separate transaction codes in order to track each type of cleaning fee. For example: OHSKP – applies to owners, OGHSKP – applies to owner guests and GHSKP applies to guests.
  • Amount – Enter the amount to be charged, this is a fixed amount. If this fee is not a fixed amount then it should be posted manually as an expense to the unit.

Click Save to save changes. Use the Add button to continue to add multiple Occupancy Fees to a Unit.

Recurring Fees

Next, Recurring Fees are added to a Unit. In the Recurring Fees section select the Add button to add a Recurring Fee. A recurring fee is a fixed expense that will be the same every month. For example, Snow Removal fee, or Satellite TV fee.

Recurring Fees

Enter the following information:

  • Transaction - Select the transaction code that applies to this recurring fee. **NOTE: if a management fee has been created it will appear in this list.  Management fees should be set up in the Management fee area and NOT as a recurring fee
  • Percentage of Revenue – Set to yes if the recurring fee will be a percentage (%) of revenue, otherwise select no to set it as a dollar ($) amount
  • Amount – Enter the amount or percentage to be charged.

Click Save to save changes. Continue to use the add button to input all Recurring Fees.

Previous Owners

Finally, the very bottom of the there is a Previous Owners section. If this unit was sold to a new owner, the previous owner’s information would appear in this section. For more information on selling a unit please see the article How to Sell a Unit in the Owner's Accounting manual.

Previous Owners