I am looking into setting up something along the lines of re-loadable prepaid debit for my Managers. My thought was to have $200 on them for them to use in emergency/basic re-supplying needs, them handing in receipts and them me reloading the used amount. Does anyone use this method and what cards/services do you recommend?
I have 2 parks and all rent collections are sent to me at a PO Box. My managers do not directly handle any of the money, but need a better system to better equip them to do their job.
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All of my managers have a credit card capped at $500. No cash or debit for me and have had no issues.
That’s a good question.
I gave part of my manager job to someone else and am now just doing the deposits, office work, as well as court evictions and payments. My boss has always mailed me a check and I’d cash it at his bank when depositing rent checks. Even though he’s only about 1 hour away, it would sometimes take up to a week to get here. He usually would send me $100. - $200., depending on what we expected to spend for the month for court. But sometimes I didn’t have enough petty cash to cover eviction court costs and I’ve covered them myself, then he’d pay me back.
The person who now manages the park on site has his name on the Lowe’s & Home Depot accounts so whatever he gets can be charged to the landlord. He gets no petty cash or credit card.
I’m going to ask my boss if he’d consider giving me one of those credit cards so I don’t have to carry cash around with me. And he can refill it quickly.
Following this as I’m also curious as to everyone’s methods.
We have a deposit account at the Local hardware store our Manager and also my project foreman can draw from. Receipts are emailed automatically to me so I can see what is purchased in real time.
We open a petty cash account and give the manager a credit card to boot. There’s a limit on how much is available and it’s checked every day. All expenses are submitted with an explanation (hopefully same day but not in practice)
Credit card with $1,000 spending limit (long term, trustworthy manager). For permits, vendors who want immediate payment, etc we send via Venmo and he pulls cash out. Available instantly.
We used to provide petty cash, but put an end to that practice. Now, we have national accounts at Lowes and Menards, and our managers have account charging access. They must submit a PO # at time of purchase, and we can review line items online. We also have accounts at the typical mobile home parts distributors (e.g. Blevins, etc.). If they need parts they buy them on our account. If they need special parts not available on our accounts, they call our corporate office and we assist in purchasing with next day UPS delivery if necessary from companies like Supplyhouse.com. In the rare circumstance when they need to buy something right now that is not on account, they call corporate and we purchase on a corporate credit card.