Locking an Approved Budget by Area

  • Updated

The term "Budget" varies depending on the region. For our Asia-Pacific customers, it's often referred to "Budgeted Outgoings." European users will see it labelled as "Service Charge," while those in North America will find it listed as "Operating Expenses." The terminology used in the app adjusts based on your location. For additional clarity on regional vocabulary, please see our Glossary of Regional Terminology.

This article explains how to securely lock a property budget before proceeding with reconciling it. Locking a budget creates a time-stamped record, ensuring accurate financial management by specifying which invoices belong to the completed budget and which should roll over into the next period. Follow the steps below to lock your budget and prepare for reconciliation.


Locking a Budget by Area

Before you reconcile your completed budget, it's essential to lock it. Locking the budget ensures that all invoices up to the selected lock date are included in the budget reconciliation, while those entered afterwards are allocated to the following budget period.

  1. Navigate to your chosen Property and select Outgoings and choose the relevant Budget.
  2. In the top-right corner, hit the Lock button.
  3. You will then see a confirmation dialogue to review. 
  4. Verify the Lock Date, then click Save to finalize the locking process.

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Unlocking a Budget

If you need to adjust a locked budget, perhaps to include additional expense invoices, simply:

  1. Navigate back to the budget and select the Unlock button.
  2. This action will allow you to edit the budget and add any invoices as necessary before re-locking for reconciliation.

Reconciling a Locked Budget

Once the budget is successfully locked and all records are in order:

  • Click on the Reconcile button to begin the Budget Reconciliation process and following this guide for further instructions.

By conscientiously following these steps, you'll be poised for a smooth and precise financial reconciliation of your property's budget.

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