Propertyware Knowledge Base

Step

1.        Navigate to the Properties tab.

2.        Click the building to edit in the Navigator.

3.        Click the Edit button at the top of the page.

4.        Expand the Accounting Settings module. 

5.        In the CA FTB Field, click the Yes radio button.  This will open up two new fields.   Enter the withholding percentage, and enter the deductible.

Note:  The Accounting Settings module is new.  The default bank account and default security deposit accounts have also been moved to this module.

Step

1.        Navigate to the Reports tab.

2.        Click the New Report button located at the top of the page.

3.        Select Finance Reports from the dropdown.

4.        Select the FTB Calculation Report from the Report On: field.

5.        Click the Save and Customize button.

6.        The report will display the calculations for the withholding.

The following details will be available:

1.     Portfolio Name – The portfolio name associated with the building.

2.     Building Name – The building in which the withholding field was set to “Yes”.

3.     Building Address – The building address.

4.     Management Fee Percentage – The management fee percentage that is currently set on the buidling.  This percentage will be multiplied by the Gross FTB (total rent for the month) and later subtracted from that total.

5.     FTB Percentage – This is the percentage entered in the Accounting  Settings on the building.  This figure will be multiplied by the Net FTB to determine the withholding.

6.     FTB Deductible – This is the deductible set in the Accounting Settings on the building.  This will be subtracted from the total rent.  This is a yearly deductible.  Anything left over from January will be applied to February.  Once the deductible runs out, this field will show zero.

7.    Rent – Total amount of rent collected for the month in question.  This is calculated before expenses and this field is highlighted in yellow.

8.    Gross FTB – Total rent minus the deductable.

9.    NET FTB – Gross FTB minus management fees.

10.  Withholding – Net FTB multiplied by the current percentage attached to the building.  This field is highlighted in blue.

The report calculates and displays data for the entire year in a single row for each building.  You will need to scroll over to review additional months and the quarterly withholdings.  The quarterly withholdings will be the payment amount that needs to be sent to the CA FTB.

Step

1.       Navigate to the Management tab.

2.        Click the Calculate CA FTB Withholdings link located in Related Activities.

3.        Set the month/year to be calculated and click the Go button.

4.        All Portfolios with the feature activated will display.

Note:  The date field should be set to the month/year being used to run the calculation.  Propertyware will calculate the withholding for the month selected as well as any prior months that have not been calcuated using this feature.  If a prior month has been calculated using this feature, Propertyware will not consider the previously calculated withholdings when creating the journal entry. 

Important:  If you were manually entering journal entries, you should either delete those journal entries before calculating the FTB Withholdings or, use the FTB report to continue creating manual journal entries until the end of the calendar year.

5.       Enter the desired date for the journal entry and click Save.

Note:  Clicking the Save button will automatically journal entry the withholding.  The journal entry will automatically create a FTBEXPENSE account in your chart of accounts (if one doesn't already exist) and use that for the journal entry.

Step

1.    Navigate to the Money Out tab.

2.    Locate the vendor you are paying the CA FTB withholdings to.  If the vendor is not created, you will need to create the vendor.

        3.    Click the Vendor Ledger page view.

4.    Click the New Bill button.

5.    Selecting the portfolio in question as the Location and choose the CA FTB liability account as the general ledger account.

   6.    Add the Bill Payment , and select the appropriate bank account.