Overview:
The Deductions feature in PropertyStack allows you to automatically deduct funds from a property owner’s account for various charges, such as Wi-Fi or software fees. This feature helps streamline financial operations, ensuring that recurring payments are automatically handled.
What are Deductions?
Deductions allow you to charge owners automatically for recurring fees, such as a monthly charge for Wi-Fi or software. These deductions can be set up to occur on a regular schedule, ensuring that the charges are automatically moved to the manager's account every month.
Steps to Configure Deductions:
Navigate to the Deductions Section:
To start, go to Settings and then click on the Automations tab.
Once inside the Automations section, select the Deductions tab.
Adding a New Deduction:
To add a new deduction, click on New Deduction.
You will see two options for setting up deductions: Recurring and Trigger-Based.
Recurring Deduction:
This type allows you to set up deductions on a regular basis (e.g., weekly, monthly, quarterly, yearly).
For example, if you want to charge all owners $50 per month for Wi-Fi, select Recurring and choose Monthly as the frequency. You can also specify the start date for the deduction, such as 1st April.
Trigger-Based Deduction:
A Trigger-Based Deduction is activated when a specific event occurs, such as when a reservation is created.
For example, you can set up a $25 admin fee that is automatically applied whenever a new reservation is created. This type of deduction is tied to the reservation's creation date, and only future reservations will trigger the deduction.
Setting Up the Deduction:
After selecting the type of deduction, enter the deduction amount (e.g., $50 for Wi-Fi).
Choose which properties the deduction will apply to. You can select All Properties or individual properties.
Once done, click Save to finalize the deduction setup.
Activating the Deduction:
After saving the deduction, toggle the setting to On to activate the deduction.
If you notice a Reset Flow message, refresh the page to resolve this issue. If the issue persists, toggle the deduction off and back on again.
Managing Deductions:
Once activated, deductions will automatically apply to the designated accounts.
You can view the deductions in the Trust Accounting section and see them on the owner’s reports.
If you need to adjust or delete a deduction before it’s processed, simply click on Delete.
Handling Failed Deductions:
If a deduction fails due to insufficient funds, you will be notified.
You can select Retry to process the deduction again or Delete to remove the failed deduction.
Deductions can also be processed in bulk if you have multiple owners, using the Next button for bulk processing.
Monthly Deduction Records:
Deductions will automatically create the necessary ledger records for you.
These records will be available for review and for generating monthly financial reports.
Conclusion:
The Deductions feature in PropertyStack simplifies the process of managing recurring fees and charges from property owners. By automating these payments, you can save time and reduce administrative work. Whether it’s for Wi-Fi charges or reservation-related fees, deductions are an efficient way to manage finances in your property management system.