How to configure Management Fees charged by Owner

How to configure Management Fees charged by Owner

ADD MANAGEMENT FEE RULE CHARGED BY OWNER

1. Go to Management Fee tab in Finance > Rules screen.


2. Click + Add button on the top right. The Add Management Fee Rule dialog will be shown. Proceed to complete relevant fields.


  1. Charge To will default to 'Horse', so change that to ‘Owner’. This results in a management fee being charged to specific owners you select, as opposed to charging to all owners in a horse.
  2. Select the relevant Owner(s) for the management fee to apply
  3. Select Start Date and Frequency of charges (e.g. Monthly)
  4. Select Repeat on (e.g. charge on the 30th day of each month)
  5. Enter Rate
  6. Invoice Message is auto-generated, however you can edit this as required 
  7. Specify whether the Rate is Tax Inclusive or Exclusive, and specify the applicable Xero Receivable Account code and Tax Rate
  8. If you have Xero Tracking Categories enabled, select the Tracking Category (optional)
  9. Click Save button to finish.

VIEW MANAGEMENT FEE RULE CHARGED BY OWNER

Once created, the Management Fee rule will be shown in the Management fee rule list and Owner Profile


1. View on Management Fee rule list


2. View on Owner Finance account

EDIT MANAGEMENT FEE RULE CHARGE BY OWNER ON OWNER FINANCE ACCOUNT

  1. Go to Owner Finance Account screen

  2. On the Syndication Management fee session, click Edit Management fee button then the Edit Management Fee rule dialog will be shown.

  3. You can update some fields

  • Frequency 

  • Repeat on

  • Rate

  • Pershare

  • Invoice message

  • Exclude Owners


  1. Click Save button, Confirm Expense Changes dialog will be shown. You need to select any expenses to which you want to apply the new update by ticking on the checkbox.


  1. Click OK  button to finish.


Note: After editing from Owner Finance account screen, Management fee rule for this owner will be separated to rule of individual owner.


DELETE MANAGEMENT FEE RULE CHARGED BY OWNER

As with the Edit function, you can delete a management fee rule as required, however all transactions made previously using the rule will not be changed.  With the rule deleted, the system will no longer automatically add Management fee expense.