FAQ > Managing Property Owners
How do I record an Owner Draw or Owner Contribution?
Managing Owner Transactions in SimplifyEm Property Management Software
In SimplifyEm.com Property Management Software, recording owner transactions such as “Owner Draws” and “Owner Contributions” is essential for maintaining accurate financial records. An owner draw is recorded when a property manager sends a check to the owner, while an owner contribution is recorded when the property manager receives funds from the owner.
For example, if you send a check to the owner for $600 in June 2012, you’ll need to record an owner draw of $600 in the software to ensure the owner’s statement is accurate. Similarly, if you receive a $1,000 check from the owner in June 2012, you must enter it as an owner contribution to reflect it on the owner’s statement.
To record an owner draw or contribution, follow these steps:
- Navigate to the “Owners” page by clicking the “Owners” tab on the left side of the page.
- Hover over “Take Actions” for the corresponding owner’s row and select either “Record Owner Draw” or “Record Owner Contributions” from the dropdown.
- Enter the amount and select the date (the default date will be the current date).
- Click the “Record Owner Draws” or “Record Owner Contributions” button.
You can review these transactions on the owner’s balance history page for further reference.
