Cap and Collar concessions set limits on how much a tenant is charged for a budget period. A Cap is the maximum amount a tenant will be charged; a Collar is the minimum. These limits apply to the budget as a whole — you can only set one per tenancy (either a cap or a collar), and they do not apply across multiple budgets for a property.
Setting Default Cap or Collar Amounts on a Tenancy
Open the Tenancy Details tab within the tenant's record.
Enter either a default cap or collar amount for the tenancy.
Save. These settings will automatically apply to all new budgets associated with the tenancy unless manually overridden during the budgeting process.
Editing Concessions in a Draft Budget
Open the draft budget and select Edit Tenancy Concessions.
Modify the cap or collar amount as needed.
Save to ensure changes are reflected in the final budget allocations.
Reviewing the Impact of Concessions on Tenant Allocations
Navigate to the Owner Contributions tab in the budget.
Review the Tenancy Concessions section to see the impact on tenant allocations.
Budget terminology varies by region: Asia-Pacific customers refer to it as Budgeted Outgoings, European customers as Service Charge, and North American customers as Operating Expenses. For more information on regional terminology, see our Glossary of Regional Terminology.