A ‘Reimbursable Income’ is an income that will be given back to the owner. Followings are the example of reimbursable income:
- Refund to an owner
- Income from the property (i.e. laundry, parking)
- Utility bills collected from the tenants (i.e. Owner pays the utility bill and you are just collecting the money from the tenant and giving it to the owner)
To generate a reimbursable income, the property MUST be set to manage by the ‘Property Manager/Management Company’ in the property details page.
To create a reimbursable income:
1) Go to ‘Accounting‘ > ‘Income‘ or ‘Invoice’
2) Click ‘Add Income‘ or ‘Add Invoice‘
3) Fill in the required fields on the ‘Add Income‘ page. At the end of the page, you will see a slider, which will allow setting the percentage of the income that you will reimburse to the owner. Change the slider to 100% if you want to reimburse the full amount.
By default, it is set to 0% which means you are not sharing the income.
4) Click ‘Add Income‘ to add the income.
This income will now show up in the ‘Rent & Disbursement Report‘ as ‘Reimbursable Income‘ under the ‘Revenue‘ section.