My property manager has recently started using Quickbooks. He is allowing tenants to pay online, but for those payments, the funds have been held by Quickbooks. Is this a common occurrence? The property manager said he is working on it, but if I could get any advice to pass along to him and expedite the process, I would appreciate it.
Not sure what your PM is saying. I use an online service ClearNow, they take it out of the tenant's account the first business day of the month, and into my account on the fourth business day. In this case, they held on to it for two business days in between for processing.
It will probably clear in a couple of business days.
News for property management companies using Intuit Merchant Service.
If you are collecting rent on behalf of landlords - Intuit will not approve property management company's account. Once in a while, it does get approved. But when they find out, they will hold the payment.
Ask them to call Intuit and take action ASAP.
Thanks for your reply. That is exactly what happened. The funds were re-imbursed to the tenants and our property manager had to collect physical checks. I'm not sure why that is the case, but Inuit told him they will not process payments that he is collecting on behalf of landlords.
Well what did you expect from using a software NOT designed or approved to collect third party funds? By creating a work around (not playing by the rules) this is bound to happen.
If you are a legitimate property manager - meaning you are a full time person offering and executing on professional property management services - you would / should be using any number of legitimate software offerings: Appfolio, PropertyWare, Buildium, RentManager, Yardi, etc... Not "PM Hacking" with a software not designed for collecting rents.
Should your current PM insist on using a software not designed for property management third party rent collections, be prepared to receive your monthly owner draws late on a consistent basis. Paying owners their monthly owner draws is PM 101 and is a routine that should be done routinely well.
Tell them to use BillandPay.com for collecting rent. Very reasonable and sync with QB tenants account.
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