| Word | Description |
| Accounting Close Date | An optional field that can be set on each portfolio that will prohibit any transactions to be modified on or before this date. The Accounting Close Date is a great feature to help you to "close the books" for the financials on any portfolio. It is also the ideal tool for restricting other users from modifying transactions that would alter the portfolio balance once you have communicated with an owner on an Owners Statement. |
| Administrator | Your Propertyware Administrators (also referred to as Administrators) are the sole users within your company responsible for managing your Propertyware account. Any Propertyware user account can be configured with permissions to grant administrative access to your Propertyware account. |
| Auto Charges | An Auto Charge is an automatically recurring charge set on a Lease in Propertyware. Once you set an Auto Charge on a Lease, it will post as an entry on the Tenant Ledger based on the posting frequency set on the charge. Propertyware allows you to create any number of current and future auto charges on your Leases. |
| Building | In Propertyware, a Building is a structure that may or may not have Units. Buildings may be identified throughout the application by a blue building icon. A Building without Units (i.e., a single family home) is considered a Rentable Building in Propertyware and may have one lease attached to it. To this extent, a Rentable Building is treated like an individual Unit. A Building with Units (i.e., an apartment building) is considered a Multi-Unit Building in Propertyware where leases are attached directly to the individual Units themselves rather than the Building. |
| Discounts | Discounts are negative charges that can be created as auto charges or one-time charges on the Tenant Ledger. All discounts created on the Tenant Ledger must be applied when recording a payment. |
| Escrow Account | You can designate any account in the Propertyware chart of account as type "Escrow." Escrow accounts are held by the management company and not paid out to the owner. By default, the security deposit and prepayment accounts are set to Escrow. Any payments applied to charges of escrow type accounts will not be reflected in the portfolio balance, but can be viewed on the portfolio's management summary page in the Management module. |
| Eviction | Removal of a tenant from rental property by a law enforcement officer. First, the landlord must file and win an eviction lawsuit, also known as an "unlawful detainer." |
| General Excise Tax | Hawaii General Excise Tax The Hawaii General Excise Tax (GET) was established in the 1930s and is somewhat unique in that it taxes both goods and services at every level, including food and medical care. It is not the same as the retail sales tax found on the mainland. The GET is currently 4% statewide except on Oahu where a 1/2% surcharge was imposed starting 1/1/2007 to fund rail mass transit. All goods and services on Oahu, including the City and County of Honolulu are taxed at 4 1/2% of gross sales. This GET is assessed on the provider of the goods and services and in turn passes the cost on to the consumer at a rate of 4.712% on Oahu and approx. 4.2% on Neighbor Islands. |
| HUD | The U.S. Department of Housing and Urban Development. This is the agency responsible for enforcing the federal Fair Housing Act. |
| Landlord | The owner of any real estate, such as a house, apartment building or land, that is leased or rented to another person, called the tenant. |
| Late Fees | A late fee, also known as a late fine or a past due fee, is a charge levied against a customer for not paying a charge by its due date. By creating a Late Fee Rule on an individual lease, you can have Propertyware calculate a fee on any late payments received; once you choose to Apply the Fee to the charge using the Late Fee Calculator, the fee will appear on that tenant's Tenant Ledger; the rule applies a fee based on the number of days late, the type of charge, and the amount, all of which you can set up beforehand. |
| Leases | In Propertyware, a Lease represents the contract between property manager and their customers (ie. tenants, home owners, short-term renters, etc ). A Lease contains the terms of the contract, any payments and charges, contact information, and the details of the location that your customer is occupying. Leases are found within the Leases tab of the application. |
| Mail Merge | Propertyware's Mail Merge feature allows you to generate merged documents using a master template that is automatically merged with your Propertyware data. This master template, also known as a Mail Merge Template, includes standard text to be replicated in each mail merged document and mail merge fields for variable information that is unique to each document. These merged documents can be shared with any contacts either by printing or emailing from from Propertyware. |
| Net Operating Income | Also called net annual income; the amount of income left from an income producing property after operating expenses have been deducted excluding financing, extraordinary expenses, and taxes. |
| Non-Sufficient Funds (NSF) | In the US banking industry, the term "non-sufficient funds" (NSF) is used to indicate that a demand for payment (a check) cannot be honored because insufficient funds are available in the account on which the instrument was drawn. In simplified terms, a check has been presented for clearance, but the amount written on the check exceeds the available balance in the account. It is often colloquially referred to as a bad check, a "bounced" check, or a returned check. |
| One-Time Charges | Unlike an Auto Charge, a One-Time Charge is a nonrecurring charge that can be created from a Lease's Tenant Ledger. When creating a One-Time charge, you can choose from a larger variety of account types than those available when creating an Auto Charge. |
| Other Income | Propertyware classifies Other Customers as those entities or customers that generate income for your Portfolios, Buildings, or Units from a source other than a lease. Payments received from Other Customers can be recorded and tracked from Money In l Summary under the Other Customers section and are referred to as Other Income. Your Propertyware Administrator may create, edit, or delete Other Customers from the Manage Customers area in the Setup Menu. |
| Owner's Statement | An Owner's Statement is a periodic report which reflects all activity in an owner’s Portfolio within the selected date range. Included in the statement is a summary of all activity, income, expenses, management fees, owner contributions/draws and changes to liabilities. |
| Pass-Through Accounts | A flag that can be set on an account in the management fee rule that causes money applied to the this account to be broken out on its own line item in the management fee calculator. Since passthrough accounts are their own line items in the management fee calculator, the income can be passed through to the management company instead of appearing as a management fee expense to the owner. The net of the money collected and the money billed to the passthrough account is zero once you create the management fee bill and the sums are not shown on the Summary Owner Statements. |
| Portfolio Balance | The amount of money held in one or more bank accounts (including undeposited funds) which is assigned to the portfolio and is not flagged as "escrow." |
| Portfolio Minimum | A setting that allows you to set a floor on the minimum balance you would like to keep for any portfolio. This minimum will be taken into consideration when issuing owner draws to the contacts attached to any portfolio or when paying bills. |
| Prepayments | A Prepayment represents money received that is not yet applied toward lease charges on the tenant ledger. Anytime you record a tenant payment that you have not applied toward a lease charge, or that you have applied but which exceeds the amount owed, the unapplied monies result in a Prepayment. Prepayments display as a dollar sum total in the summary box at the top of the tenant ledger. |
| Property Manager | In Propertyware, a Property Manager is the point of contact within your organization who is in charge of communicating with prospective tenant leads and leasing rental vacancies that appear on your Propertyware Website. When a prospective tenant submits an Online Guest Card from your Propertyware Website, an email notification containing the submitted rental inquiry will be automatically sent to the assigned Property Manager. As internal members of your organization, your Property Managers are set up as users, not as contacts within the Contacts Tab of the application. As users, your Property Managers may be granted access into Propertyware to generate certain reports, such as the Lease Expiration or Vacancy Reports, and obtain information concerning the rental properties they manage. |
| Property Navigator | The Property Navigator, located on the left sidebar of the Propertyware application within the Properties Tab and allows you to search or browse through your properties by Portfolio, Building and Unit. The Property Navigator also includes filters to help you refine your search for the correct property. |
| Sidebar | The Sidebar appears on the left side of every page within Propertyware. The Sidebar provides easy access to related information, as well as options such as Search, Related Activities, and Navigators. |
| Tenant Ledger | The Tenant Ledger on a lease allows you to view a history of all charges, payments, refunds, and adjustments on your tenant's account, as well as the current balance and any future Auto Charges that are set to post, based on any Active Auto Charges you have set up on that tenant's actual Lease or on the Lease Form used to create their Lease. |
| Trust Account | A trust account is a fiduciary account established to hold funds that belong to another party. The California Department of Real Estate defines trust funds as "money or other things of value that are received by a broker or salesperson on behalf of a principal or any other person, and which are held for the benefit of others in the performance of any acts for which a real estate license is required." The laws governing trust funds usually apply to all licensed real estate professionals and are administered by the state licensing agency. In most states, all funds belonging to building owners and security deposits received from tenants must be placed in a trust account. Generally any funds that a property manager collects that have to do with an owner's property should be put into the trust account. Generally funds such as management fees, and deposits from broker-owned real estate should not be deposited into owner trust accounts and should never be commingled with owners' trust funds. Trust funds generally must be kept in a federally insured back or savings and loan association located within the state. |
| Unit | In Propertyware, a Unit is a division of a Building which may be rented. Units may be identified throughout the application by a blue building icon with a single red door. Units have several attributes, such as Unit Type and amenities, which allow users to differentiate one Unit from another. Propertyware also allows you to upload a photo to a Unit for identification and marketing purposes. |