Propertyware Knowledge Base :: Setup Assistant

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Setup Assistant - Step 2

Propertyware Setup Assistant – Step 2

The second step required by Propertyware's Setup Assistant is to configure your company information. This information will appear within your Propertyware application, Propertyware reports and on your Propertyware Portal. Only your Propertyware Administrator may complete this step,

Company Information

Your Propertyware Administrator is required to verify and complete the following required fields:

Field Name	Description
Company Name	Your Company Name, as entered in this field name, will be globally referenced throughout the application in such features as Propertyware reports and statements. Up to 100 characters are allowed in this field.
Phone Number	Enter the main phone number for your company.
Fax Number	Enter the fax number for your company.
Maintenance Phone	Enter your company's General Maintenance phone line, which can be posted on your Portal and made accessible to your tenants for purposes of calling in maintenance requests.
Maintenance Email	Enter your company's General Maintenance email, which can be posted on your website and made accessible to your tenants for purposes of submitting maintenance requests.
Charge a Management Fee	If you are a property management company that manages properties for others and charge a management fee, choose "Yes"; you will be prompted to set up your management fee rule from the table below. However, if you own and manage real estate investments of your own, choose “No.”
Address & Address (Cont.)	Enter your Company address. For longer addresses, carry over your address in the Address (Cont.) field which provides surplus space for entry.
City	Enter the City portion of your company address.
State	Enter the State or Province portion of your company address.
Zip	Enter the zip code or postal code portion of your company address.
Country	Enter the Country portion of your company address.

Management Fees

If you are a property management company and have selected to charge a management fee from the Company Information table above, you will be prompted to set up a default management fee rule.

Your default management fee rule is the commission structure set up to apply to all portfolios within your account by default. For example, if you collect 10% of all rents as a Management Fee, you can create that rule here.

Once you complete the Setup Assistant, you may subsequently customize the management fee rule on each individual portfolio from the Properties tab of the application. At this time, your Propertyware Administrator is required to set up your default management fee rule by completing the following field entries:

Field Name	Description
Management Bank Account	From the drop down menu, select the bank account where you would like your management fee income deposited. If you don't see the account you want, click the Add Bank Account button to create a new bank account.
Fee Type	Set up your management fee rule by selecting one of two options: Greater of Flat Fee or Percentage. This rule applies a management fee that is the greater of a designated flat fee or percentage that may be set on the Commission Account (see field description below). Flat Fee + Percentage. This rule applies a designated flat fee plus percentage that may be set on the Commission Account (see field description below).
Flat Fee	(Optional) Enter the Flat Fee amount to apply to your management fee rule. A Flat Fee may be used to impose a minimum fee at all times. Alternatively, if you charge straight percentage commissions, simply set the Flat Fee amount to $0.00.
Commission Accounts	1. Click the Add Commission Account button. 2. From the Commission Account drop down menu, select the account you would like to designate as commissionable. To help you with your selection, you may click the Show Chart of Accounts button to preview of all accounts within your chart of accounts by Account #, Type, Account Code and Description. 3. In the Percentage field, enter the commission rate to apply to income received on the commissionable account. 4. Repeat steps 1 - 3 to create additional Commission Accounts. 5. To delete a Commission Account, click the Del link that appears in the Action column.

Portfolios and Owners

If you are a property management company and have selected Yes to Charge a Management Fee from the Company Information table above, you will also be prompted to set up your portfolios and owners. A Portfolio is a grouping of properties, organized by property owner. You may conceptualize a portfolio as a file folder that organizes the properties you manage by owner or a group of owners. Click Add Portfolio to create your first portfolio.

Field Name	Description
Portfolio Name	A Portfolio must be named after its property owner (i.e., "Donald Trump"), and if the properties within a portfolio are co-owned, the portfolio may be named after its co-owners by hyphenating their names (i.e.,"Trump-Iacocca" in the case where properties are co-owned by Donald Trump and Lee Iacocca).
Default Portfolio	(Optional) Distinguishable from other portfolios you manage, the Default Portfolio is used to manage and track the performance of your own real estate portfolio. If your management company does not own and manage real estate investments of its own, the Default Portfolio need not be utilized.
Portfolio Owners	A portfolio owner, also referred to as an owner, is the individual who owns the buildings and units within a portfolio. If the buildings and units within a portfolio are co-owned, multiple owners may be assigned to the portfolio.