Use can this task in the following situation:
A Property Management Company is managing an individual condominium unit as a rental AND payment of the condominium/strata fees for that unit are the responsibility of the Property Management Company.
The task allows you to process the payables due for condo/strata fees owed to a corporation in one click.
If this is the case, your set up for this unit should be as follows:
Property : Rental
Property Owner : Condominium Corporation
Unit Type : Owner Occupied (initially)
Ensure your condo fees are entered here.
then:
Move your unit owner in to the unit.
Select “switch to rental”
Add your tenant and their lease information.
Condo / Strata Fee Expense pulls the condo unit information from all your Condo / Strata properties and creates entries that will be saved in Receivables to manage and make deposits. Condo / Strata fee expenses can also be recorded for condo unit owners who rent their unit if indicated on the owner's financial page. The first time you run Condo / Strata Fees you will need to confirm which revenue accounts you want to use.
From the Task page click on Condo Fees
Select which properties you wish to create condo fee accounts receivable entries for
Enter the posting date
Click create
Review and adjust the amounts if desired. The amounts are taken from the condo unit record
Click Post Condo Fees to record the condo fees for collection
If you are enrolled in Autopay, your condo fee transactions are automatically created for you on the last day of the prior month. Those properties will not have transactions created by the Condo Fee task to avoid duplicate entries.