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home/Knowledge Base/Property Owner Related/How to record owner payment or pay owners from the portal?

How to record owner payment or pay owners from the portal?

25 views 0 December 5, 2022 Updated on December 13, 2022 mippsupportadmin

Once payment comes to the property manager’s bank account, the property manager can then set up a payout to the owner’s bank account. Currently, you can only pay using a bank account (EFT). The payout usually takes about 3-4 business days. The owner does not need to sign an agreement with the payment gateway vendor.

Here are the pre-requisites to pay an owner from the portal:

1) Owner bank information has to be set. Click here to know-how.

2) The management fee invoice has to be generated for the specified month. Click here to know-how.

Once the management fee invoice has been generated, follow the steps below to record payment or payout to the owner using the portal:

  1. Go to Accounting > Owner Payout
  2. If the management fee invoice is generated for the month, you should see an owner payout entry in the ‘Owner Payout (due)’ list
  3. Click ‘Record Payment,’  and the ‘Record Owner Payout’ window will open
  4. Review the details > Once done, click Continue with Payment
  5. You can either log the payment manually if you have already sent the money to the owner. The other option is to pay using our system to pay. In that case, choose one of the owners of the property from the dropdown list. If the first pre-requisite is completed, the bank information will be pre-populated.
  6. Check the box to acknowledge that you have read and agreed to Mi Property Portal online payment terms and conditions.
  7. Click the ‘Pay Now’ button.

Note: MAKE SURE THE ACCOUNT INFORMATION IS VALID AND ACCURATE. ADDITIONAL CHARGES MAY APPLY WHEN A PAYMENT FAILS DUE TO AN INVALID ACCOUNT INFORMATION

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