Condo management · Fund security
You stay in control of your money.
The corporation’s money stays in the corporation’s account. multiRent does the work; your board keeps the access, the signatures and the final say.
What doesn’t change when you sign with us
You hand over the management. You don’t hand over ownership of your funds.
The account stays yours
The operating account and the contingency fund stay open in the corporation’s name, at your own institution. No money passes through a multiRent account.
Your signers stay in place
The directors appointed by the board remain the signers. The board decides who signs, and who loses access.
Your access stays open
Your directors keep their online access to the account and see every transaction, without going through us.
Condo fees go straight to the corporation
Owners’ pre-authorized debits are deposited directly into the corporation’s account.
At multiRent, the bank account is in the corporation’s name, the signers are directors, and the board sees every transaction. We prepare, check and report; we never hold your money.
What your board sees
Reports to the board, with supporting documents, not a spreadsheet taken on faith.
Financial statements
Budget against actual, contingency fund tracked separately.
Supporting documents
Every payment linked to its invoice, available in the portal.
Overdue accounts
Who owes what, since when, and the reminders sent.
Spending: your board sets the rule
The approval threshold is written into the contract. Above it, nothing is paid without the board.
multiRent
- Receives invoices at a single address
- Checks the corporation, the supplier, the amount, the work done, and that it isn’t a duplicate
- Prepares the payment, invoice attached
- Records the expense in the books
Your board
- Sets the spending approval threshold
- Approves any expense above that threshold
- Appoints the signers and approvers
- Removes access whenever it decides to
A doubt triggers a question, not a payment
An invoice that matches no ordered work waits for the board’s answer.
Banking details are never taken from an email
An “our banking details have changed” message is checked with the supplier, through a channel already known to us, before anything is changed.
Optional: dual approval of supplier payments
For boards that want to approve every payment, one by one.
Nothing goes out without two directors.
Every payment prepared by multiRent waits in your corporation’s approval queue. Two directors get a notification and approve with one tap, from their phone. Without both approvals, the transfer doesn’t go out.
- multiRent prepares the payments; multiRent cannot approve them.
- A Canadian bank payment platform, linked to the corporation’s account.
- For every payment: the invoice, the date, the amount and the names of both approvers.
- Bank transfer, Interac e-Transfer or mailed cheque, depending on the supplier.
What if you change managers?
Because the account is yours, there is nothing to get back. The board removes our access on the last day of the mandate, and we hand over the books and records, up to date as of that date.
Your money, your rules.
Let’s talk about the approval rule that suits your board. We write it into the quote.
Questions from boards of directors
Does multiRent have access to the corporation’s bank account?
To the extent the board decides: viewing access to keep the books, and preparing payments. The account stays in the corporation’s name, and the board keeps its own access.
Who signs the payments?
The directors appointed by the board. The threshold above which an expense needs board approval is set with you in the contract. With the dual-approval option, every supplier payment requires two directors.
Does owners’ money go through multiRent?
No. Pre-authorized debits are deposited directly into the corporation’s account.
What about the contingency fund?
It is tracked separately from the operating account, and its balance appears in every report to the board.
What do you do about banking-detail fraud?
No supplier’s banking details are changed on the strength of an email. The change is confirmed with the supplier through a channel already known to us.
Can we see the transactions without asking you?
Yes. Your directors view the account online, and the portal gives access to supporting documents.
