To split late fees evenly between the property manager and the property owner, it's recommended to create two separate fee structures within the system. One fee structure should be linked to the property manager's accounting books, and the other should be linked to the owner's accounting books.
When setting up each fee structure, divide the late fee equally between them by assigning half of the total percentage or flat fee amount to each. If your specific situation requires a different split, you can adjust the percentage or flat fee accordingly. For example, if you want to charge a late fee of $50 total and split it evenly, you would set each fee structure to use a fee amount of $25:
Using two distinct fee structures ensures that the late fees are clearly separated on the accounting side. This method eliminates the need for manual calculation each time the property manager processes owner draws.
For detailed instructions on adding and editing late fee structures, please refer to this article.