Tips and Tidbits for Executive Property Manager

EPM is our flagship property management software package that is used for hundreds of property owners by professional management companies.  This page provides answers to various "How To" questions we have received over the years.  If you need support with EPM or any of our packaged or custom software, please use our Support page.

How can we refund an Overpayment?

Enter a charge into the Tenant's account for the amount of the refund.  Use whatever GL account is assigned to Tenant Refunds Payable as the income account.  Put in a description for the charge to indicate that it is a refund of their payment.  Next, using Lease and Tenant Receipts, pay the charge with the credit or overpayment by selecting "CR" as the Payment method and selecting the credit to apply.  This will reduce the Tenant's account by the amount of the refund and move the Liability from Prepaid Rent (or Open Credit) to Tenant Refunds Payable.

Once the refund charge has been paid, add a voucher for the refund that is payable to the Tenant.  Use the same GL account you used for the Tenant's charge (Tenant Refunds Payable).  Paying the voucher will remove the liability from Tenant Refunds Payable and reduce your cash.

How should a Repair and Deduct Transaction be Handled?

There are two methods for handling Repair and Deduct Transactions depending on whether you have outstanding charges for the Tenant or not.  For instance, assume that the Tenant paid for a plumbing repair and you want to reduce their rent.  DO NOT reduce the rent charge since it will appear that you did not collect a full month's rent from the Tenant.

Method 1, No Outstanding Tenant Charges: Add a credit charge (negative amount) to the Tenant's account and use the expense account of the repair (in this example, Plumbing).  An AR Account will be automatically added to the charge since one is required for credit transactions.  Be sure to indicate the nature of the credit in the description.  Since the Tenant has no outstanding charges, you cannot apply the credit at this time.  When the rent is short paid, you can then apply the credit to the tenant's rent charge showing all rent paid in full.

Method 2, Outstanding Charges to Pay:  Use the Pay Charges with GL Accounts function to enter the amount of the credit, Description and Expense GL Account.  You can immediately apply it to any outstanding charges at that time.  If there are not enough charges to use the entire amount, a credit will be applied to their account for the balance.

How can we refund Security Deposits before a Tenant moves out?

Occasionally you may need to refund a portion of a Tenant's Security Deposit prior to the end of their tenancy.  The technique to do this is similar to refunding an Overpayment.  Enter a charge into the Tenant's account for the amount of the refund.  Use whatever GL account is assigned to Tenant Refunds Payable as the income account.  Put in a description for the charge to indicate that it is a refund of their Security Deposit.  Next, using Lease and Tenant Receipts, pay the charge with whichever Security Deposit category you need by selecting "DEP" as the Payment method and selecting deposit category to apply.  This will reduce the Tenant's account by the amount of the refund and move the Liability from Security Deposits to Tenant Refunds Payable.

Once the refund charge has been paid, add a voucher for the refund that is payable to the Tenant.  Use the same GL account you used for the Tenant's charge (Tenant Refunds Payable).  Paying the voucher will remove the liability from Tenant Refunds Payable and reduce your cash.

How can I use a credit from one Tenant to pay another Tenant's rent?

Sometimes you may have a situation where a Tenant pays for more than one unit and you end up with a credit that needs to be transferred to a different Tenant in the same building. The easy way to do this is to generate a charge for the Tenant with the credit for the amount you want to transfer. Use the Setup or Tenant Refunds Payable GL Account as your income account for the charge. After generating the charge, pay it using their credit.

For the Tenant receiving the transfer, use the Pay Charges with GL Accounts function from the Accounts Receivable menu. Enter the same amount as the charge you created for the sending Tenant, and the same GL Account you selected as the income account on the charge. You can then pay any outstanding charges for the receiving Tenant or save it as a credit. The GL Transactions will wash out and you will have a complete audit trail.