A business property is a type of property used to track the financial transactions related to your property management business. This includes recording income, such as management fees, and expenses like office costs.

When you manage properties for other owners, the fees you earn are considered income for your business. Likewise, any operational costs related to your property management activities should be recorded as business expenses.

To track this income and these expenses in Mipropertyportal, create a property with the following settings:

Property Managed By: Property Owner
Add Unit: No
Business Property Flag: Yes

How to Use This Business Property:
You can use the business property for the following purposes:

Management Fee Settings: Under the “Transfer Funds” tab, use it to automatically transfer income such as:

Management Fees
Income from the Property Owner (through an Owner Invoice)

Tenant Income: Record income from tenants, such as charges not shared with the owner (e.g., NSF fees) where the reimbursable amount is set to $0.

Bills and Expenses: Transfer bills or expenses related to the business, where the reimbursable amount is set to $0.

This setup helps in accurately tracking all financial activities related to your property management business, keeping your records organized and compliant.